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that you may pay if you buy and hold shares of the Fund. You may qualify for certain sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund. More information about these and other discounts is available from your financial professional and in &#8220;BUYING AND REDEEMING SHARES&#8221; at page 22 of the Prospectus and &#8220;PURCHASE &amp; REDEMPTION OF SHARES&#8221; at page 49 of the Fund&#8217;s statement of additional information.<b>Shareholder Fees </b>(fees paid directly from your investment)0.05500.010-0.02-0.020.0150.0150.002500.05420.0527SUMMARY SECTION<br/><br/>RIVERFRONT GLOBAL ALLOCATION FUND (THE &#8220;FUND&#8221;)0.001500.00380.00380.00110.00110.00470.00470.07640.0724INVESTMENT OBJECTIVE-0.0477-0.0477The Fund seeks to provide high total investment return through a fully managed investment policy utilizing United States and foreign equity securities, debt and money market securities, the combination of which will be varied from time to time both with respect to types of securities and markets in response to changing market and economic trends. Total investment return means the combination of capital appreciation and investment income.0.02870.0247FEES AND EXPENSES OF THE PORTFOLIOThis table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for certain sales charge discounts if you or your family invest, or agree to invest in the future, at least $50,000 in the Fund. More information about these and other discounts is available from your financial professional and in &#8220;BUYING, EXCHANGING AND REDEEMING SHARES&#8221; at page 81 of the Prospectus and &#8220;PURCHASE, EXCHANGE &amp; REDEMPTION OF SHARES&#8221; at page 81 of the Fund&#8217;s statement of additional information.<b>Shareholder Fees</b> (fees paid directly from your investment)00<b>Annual Fund Operating Expenses</b> (expenses that you pay each year as a percentage of the value of your investments)0000<b>Example </b>This example is intended to help you compare the costs of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same. The example takes into consideration the agreement by the Adviser to waive fees and reimburse expenses. Although your actual costs may be higher or lower, based on these assumptions your costs would be:<b>Number of Years You Own Your Shares</b>0.0558242500.010.0113907692456182960415531Portfolio Turnover<b>Annual Fund Operating Expenses </b> (expenses that you pay each year as a percentage of the value of your investment)0.00850.00850.0085The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). For U.S. federal income tax purposes, a higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund&#8217;s performance. During the Fund&#8217;s most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 25% of the average value of its portfolio.0.00250.007500.00570.00820.0057Principal Investment Strategies of the Fund0.00280.00280.00280.01950.0170.027-0.0052-0.0052-0.00520.01430.02180.011800.002500.00570.00570.0057The Fund pursues its objective primarily by allocating its assets among (i) investment sub-advisers (the &#8220;Sub-Advisers&#8221;) who manage alternative or hedging investment strategies, (ii) other open-end investment companies, registered under the Investment Company Act of 1940, as amended (the &#8220;1940 Act&#8221;) that use alternative or hedging strategies, and (iii) derivatives, principally total return swaps on reference pools of securities which may be managed by unaffiliated parties (&#8220;Underlying Pools&#8221;), for the purposes of seeking economic exposure to alternative or hedging strategies. These three primary approaches to achieve exposure to alternative or hedging strategies will be collectively referred to as the &#8220;Underlying Investment Strategies&#8221; of the Fund. The Fund may also invest in closed-end funds and exchange-traded funds, which also provide exposure to hedging or alternative strategies. Collectively, the open-end funds, closed-end funds and exchange-traded funds in which the Fund may invest are referred to as &#8220;Underlying Funds.&#8221; <br /><br />The hedging or alternative strategies to which the Fund&#8217;s Underlying Investment Strategies seek to provide exposure may include, among other techniques, the use of short selling, options, futures, derivatives or similar instruments. Alternative investment strategies may include, among others, long/short, market neutral and arbitrage strategies; commodities or commodity-linked investments; leverage; derivatives; distressed securities; and other investment techniques that are expected to achieve the Fund&#8217;s investment objective. These strategies are common hedge fund-type strategies and may attempt to exploit disparities or inefficiencies in the markets, geographical areas, and companies; take advantage of security mispricings or anticipated price movements; and/or benefit from cyclical themes or special situations or events (such as spin-offs or reorganizations). <br /><br />The Adviser determines the allocation of the Fund&#8217;s assets among the various Underlying Investment Strategies. In selecting and weighting investment options, the Adviser seeks to identify Underlying Investment Strategies which, based on the investment styles and historical performance of the associated managers, have the potential, in the opinion of the Adviser, to perform independently of each other and achieve positive risk-adjusted returns in various market cycles. This is referred to as &#8220;low correlation.&#8221; The degree of correlation of any an Underlying Investment Strategy will, with other investment strategies and the market as a whole, vary as a result of market conditions and other factors. By allocating its assets among a number of investment options, the Fund seeks to provide exposure to a broad array of assets with less risk and lower volatility than if the Fund utilized a single Manager or a single strategy approach. The Adviser may change the allocation of the Fund&#8217;s assets among the available investment options, and may add or remove Underlying Investment Strategies, at any time. <br /><br />Sub-Advisers<br /><br />Each Sub-Adviser is responsible for the day-to-day management of its allocated portion of Fund assets. The Adviser has ultimate responsibility, subject to the oversight of the Board of Trustees of the Fund, to oversee the Sub-Advisers, and to recommend their hiring, termination and replacement. The Adviser may hire and terminate Sub-Advisers in accordance with the terms of an exemptive order obtained by the Fund and the Adviser from the SEC, under which the Adviser is permitted, subject to supervision and approval of the Board of Trustees, to enter into and materially amend sub-advisory agreements without shareholder approval. Currently, the Adviser has entered into sub-advisory agreements with Turner Investments, L.P. and Robeco Investment Management, Inc. (&#8220;RIM&#8221;) for the Fund. As of the date of this Prospectus, the Fund&#8217;s assets which have been allocated to Sub-Advisers are allocated to RIM. <br /><br />Underlying Funds<br /><br />Each Underlying Fund invests its assets in accordance with its investment strategy. As the Fund is a shareholder of each Underlying Fund, the Fund&#8217;s shareholders will indirectly bear the Fund&#8217;s proportionate share of the fees and expenses paid by shareholders of the Underlying Fund, in addition to the fees and expenses the Fund&#8217;s shareholders directly bear in connection with the Fund&#8217;s own operations. As a result, investments in the securities of Underlying Funds involve the duplication of advisory fees and certain other expenses. The Fund may invest in Underlying Funds in excess of the limitations under the 1940 Act, pursuant to an exemptive order obtained by the Fund and the Adviser from the SEC. <br /><br />Swap Contracts on Underlying Pools<br /><br />Swap contracts, such as total return swaps, are contracts between the Fund and, typically, a brokerage firm or other financial institution (the swap counterparty) for periods ranging from a few days to multiple years. In a basic swap transaction, the Fund and the swap counterparty agree to exchange the returns that would be earned or realized if the notional amount (i.e., the amount selected by the parties as the basis on which to calculate the obligations they have agreed to exchange) were invested in certain reference assets. In a total return swap, the parties agree to &#8220;swap&#8221; the total return of an underlying reference asset (such as an index, security or underlying pool of securities) in exchange for a regular payment, at a floating rate, at a fixed rate, or the total rate of return on another financial instrument. The Fund may take either position in a total return swap (i.e., the Fund may receive or pay the total return on the underlying reference asset or index). The Fund may, through such a total return swap, seek to access the returns of a single or multiple Underlying Pool(s) that use a single manager or multiple managers to execute strategies which the Adviser deems to be consistent with the Fund&#8217;s investment objective and principal investment strategies. <br /><br />In addition to Underlying Investment Strategies, the Adviser may invest the Fund&#8217;s assets directly in the same manner as any Sub-Adviser in pursuit of the Fund&#8217;s investment objective. Investments generally include equity securities, fixed income securities and derivatives.<ul type="square"><li style="margin-left:-20px">In addition to the Underlying Investment Strategies, the Fund may invest in equity securities of issuers of any market capitalization in the U.S. or abroad, including convertible, private placement/restricted, initial public offering (&#8220;IPOs&#8221;) and emerging market securities, with certain exposures to non-U.S. issuers obtained through investments in American Depositary Receipts (&#8220;ADRs&#8221;).</li></ul><ul type="square"><li style="margin-left:-20px">The Fund may invest in fixed-income securities of any credit quality and maturity, including those with fixed or variable terms and those of defaulted/distressed issuers and bank loans. These securities can be rated below investment grade (i.e., &#8220;junk bonds&#8221;) and thus rated below Baa3 by Moody&#8217;s, BBB- by S&amp;P or BBB- by Fitch Ratings Ltd. or unrated and securities in default.</li></ul><ul type="square"><li style="margin-left:-20px">The Fund may invest in derivatives, in addition to swap contracts whose value is derived from an Underlying Pool, which are financial instruments that have a value that depends upon, or is derived from, a reference asset, such as options, futures, indexes or currencies. The most common types of derivatives in which the Fund may invest are forwards, options, futures and swaps contracts. The Fund may invest in derivatives to hedge (or reduce) its exposure to a portfolio asset or risk, to obtain leverage for speculative purposes, to manage cash and/or as a substitute for taking a position in the reference asset or to gain exposure to certain asset classes, in which case the derivatives may have economic characteristics similar to those of the reference asset and the Fund&#8217;s investment in the derivatives may be applied toward meeting a requirement to invest a certain percentage of its net assets in instruments with such characteristics.</li></ul>Principal Risks of the Fund<b>Example </b>This example helps you compare the costs of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same. After one year, the Example does not take into consideration any agreement by the Adviser to waive fees. Although your actual costs may be higher or lower, based on these assumptions your cost would be:688321120108178948514981383874265729891963The following is a description of the principal risks of the Fund&#8217;s portfolio, which may adversely affect its net asset value and total return. There are other circumstances (including additional risks that are not described here) which could prevent the Fund from achieving its investment objective. It is important to read all the disclosure information provided and to understand that you may lose money by investing in the Fund. <br /><br />Unless stated otherwise, the principal risks described below are applicable to the Fund directly and indirectly through the Underlying Investment Strategies in which the Fund invests. <br /><br />ADR Risk - The Fund may invest in ADRs. ADR risks include, but are not limited to, fluctuations in foreign currencies, political and financial instability, less liquidity and greater volatility, lack of uniform accounting, auditing and financial reporting standards and increased price volatility. ADRs may not track the price of the underlying securities, and their value may change materially at times when the U.S. markets are not open for trading. <br /><br />Below-Investment Grade Securities Risk - Investments in below-investment grade fixed-income securities (&#8220;high yield securities&#8221; or &#8220;junk bonds&#8221;) are generally more speculative than investment grade fixed-income securities and have a greater risk of default. If an issuer defaults, a below-investment grade security could lose all of its value, be renegotiated at a lower interest rate or principal amount, or become illiquid. Below-investment grade securities may be less liquid and more volatile than investment grade fixed-income securities and may be more difficult to value. <br /><br />Commodity Risk &#8211; Investing long or short in the commodities market and investing in commodities linked instruments, such as exchange-traded notes, may subject the Fund to greater volatility than investments in traditional securities. Commodities include energy, metals, agricultural products, livestock and minerals. The Fund, either directly or through investment in an Underlying Investment Strategy, may buy certain commodities (such as gold) or may invest in commodity linked derivative instruments. The value of commodities and commodity contracts are affected by a variety of factors, including global supply and demand, changes in interest rates, commodity index volatility, and factors affecting a particular industry or commodity. <br /><br />Convertible Securities Risk - Convertible securities entail interest rate and credit risks. While fixed-income securities generally have a priority claim on a corporation&#8217;s assets over that of common stock, convertible securities held by the Fund that are rated below investment grade (i.e., &#8220;junk bonds&#8221;) are subject to special risks, including the risk of default in interest or principal payments, which could result in a loss of income to the Fund or a decline in the market value of the securities. <br /><br />Credit Risk &#8211; Credit risk (also called default risk) is the risk that the issuer of a security will not be able to make principal and interest payments on a debt issue. The credit ratings of issuers could change and negatively affect the Fund&#8217;s share price or yield. When the Fund or an Underlying Investment Strategy in which the Fund invests uses derivatives instruments to seek credit exposure to underlying issuers, it is subject to the credit risk of both the underlying issuer(s) and the counterparty (typically a broker or bank) to the instrument. When the Fund or an Underlying Investment Strategy invests in asset-backed securities, mortgage-backed securities and collateralized mortgage obligations, it is subject to the credit risks of the underlying assets that collateralize the instrument. <br /><br />Currency Risk &#8211; The value of the securities held by the Fund or an Underlying Investment Strategy may be affected by changes in exchange rates or control regulations. If a local currency gains against the U.S. dollar, the value of the security increases in U.S. dollar terms. If a local currency declines against the U.S. dollar, the value of the security decreases in U.S. dollar terms. <br /><br />Derivatives Risk &#8211; Risks associated with derivatives may include the risk that the derivative is not well correlated with the security, index or currency to which it relates, the risk that derivatives may not have the intended effects and may result in losses or missed opportunities, the risk that the Fund or an Underlying Investment Strategy in which the Fund invests will be unable to sell the derivative because of an illiquid secondary market, the risk that a counterparty is unwilling or unable to meet its obligations, and the risk that the derivative transaction could expose the Fund to the effects of leverage, which could increase the Fund&#8217;s exposure to the market and magnify potential losses. There is no guarantee that derivatives, to the extent employed, will have the intended effect, and their use could cause lower returns or even losses to the Fund. The use of derivatives by the Fund to hedge risk may reduce the opportunity for gain by offsetting the positive effect of favorable price movements. The use of derivatives can magnify gains or losses. <br /><br />Swap Contract Risk <b>-</b> The use of swaps involves investment techniques and risks different from those associated with ordinary portfolio security transactions. In addition, each swap exposes the Fund to counterparty risk when a counterparty to a financial instrument entered into by the Fund may become bankrupt or otherwise fail to perform its obligations due to financial difficulties. As a result, the Fund may experience delays in or be prevented from obtaining payments owed to it pursuant to a swap contract. Total return swaps are also subject to the particular risk that the swaps could result in losses if the underlying asset or reference, such as an Underlying Pool, does not perform as anticipated. Although total return swaps on Underlying Pools may seek to approximate the economic results of investments in pooled vehicles, they may be subject to particular liquidity risks. In addition, to the extent the Fund seeks exposure to the returns of an Underlying Pool through a total return swap, the Fund&#8217;s use of such swaps is also subject to risks associated with the Adviser&#8217;s assessment of an Underlying Pool manager&#8217;s ability to execute hedging or alternative strategies and deliver returns. <br /><br />Distressed Investments Risk - The Fund&#8217;s investment in instruments involving loans, loan participations, bonds, notes, non-performing and sub-performing mortgage loans, many of which are not publicly traded, may involve a substantial degree of risk. These instruments may become illiquid and the prices of such instruments may be extremely volatile. Valuing such instruments may be difficult and the Fund may lose all of its investment, or it may be required to accept cash or securities with a value less than the Fund&#8217;s original investment. Issuers of distressed securities are typically in a weak financial condition and may default, in which case the Fund may lose its entire investment. <br /><br />Emerging Markets Risk - Emerging markets investments are subject to the same risks as foreign investments and to additional risks due to greater political and economic uncertainties as well as a relative lack of information about companies in such markets. Securities traded on emerging markets are potentially illiquid and may be subject to volatility and high transaction costs. <br /><br />Equity Risk - The Fund&#8217;s equity holdings may decline in value because of changes in price of a particular holding or a broad stock market decline. The value of a security may decline for a number of reasons which directly relate to the issuer of a security. <br /><br />Exchange-Traded and Closed-End Fund Risk &#8211; The risks of investment in other investment companies typically reflect the risk of the types of securities in which the Underlying Investment Strategies invest. Investments in exchange-traded funds (&#8220;ETFs&#8221;) and closed-end funds are subject to the additional risk that shares of the Underlying Investment Strategy may trade at a premium or discount to their net asset value per share. When the Fund invests in another investment company, shareholders of the Fund bear their proportionate share of the other investment company&#8217;s fees and expenses as well as their share of the Fund&#8217;s fees and expenses. <br /><br />Exchange-Traded Note Risk &#8211; The returns of exchange-traded notes (&#8220;ETNs&#8221;) are based on the performance of a specified market index minus applicable fees. The risks of ETNs include the risk of the reference index. The value of an ETN is also subject to the credit risk of the issuer. Thus, the value of an ETN may drop due to a decline in an issuer&#8217;s credit quality or a downgrade in the issuer&#8217;s credit rating, even if there is no change or an increase in the reference index. ETNs are subject to the additional risk that notes may trade at a premium or discount to their reference index. When the Fund invests in an ETN, shareholders of the Fund bear their proportionate share of the ETNs&#8217; fees and expenses as well as their share of the Fund&#8217;s fees and expenses. <br /><br />Fixed Income Risk &#8211; Investing in long or short in fixed income securities subjects the Fund to additional risks, which include credit risk, interest risk, maturity risk, investment grade securities risk, municipal securities risk and prepayment risk. These risks could affect the value of a particular investment by the Fund, possibly causing the Fund&#8217;s share price and total return to be reduced and fluctuate more than other types of investments. <br /><br />Foreign Securities Risk &#8211; Investing in long or short in foreign issuers involves risks not associated with U.S. investments, including settlement risks, currency fluctuation, foreign tax risks, different financial reporting practices and regulatory standards, high costs of trading, changes in political conditions, expropriation, investment and repatriation restrictions as well as settlement and custody risks. <br /><br />Futures Contracts Risk- There may be an imperfect correlation between the changes in market value of the securities held by the Fund and the prices of futures contracts. There may not be a liquid secondary market for the futures contracts. <br /><br />Initial Public Offering Risk - The Fund may purchase securities in an initial public offering (&#8220;IPO&#8221;) or private placement, or are restricted (subject to contractual or legal restrictions on resale because they are not registered under the Securities Act of 1933, as amended) and may be illiquid; thus the Fund may not be able to dispose of them promptly at the price at which they are valued. <br /><br />Large-Cap, Mid-Cap and Small-Cap Companies Risk - The Fund&#8217;s investment in larger companies is subject to the risk that larger companies are sometimes unable to attain the high growth rates of successful, small companies, especially during extended periods of economic expansion. Securities of mid-cap and small-cap companies may be more volatile and less liquid than the securities of large-cap companies. <br /><br />Leverage Risk &#8211;One or more Underlying Investment Strategies may cause the Fund to incur leverage through, for example, borrowing for other than temporary or emergency purposes, investments in certain derivatives, short sales and futures contracts and forward currency contracts and engaging in forward commitment transactions. The Fund may also invest in leveraged ETFs that seek to provide returns that are a multiple of a stated benchmark, typically using a combination of derivatives strategies. Like other forms of leverage, leveraged ETFs increase risk exposure relative to the amount invested and can lead to significantly greater losses than a comparable unleveraged portfolio. <br /><br />Liquidity Risk &#8211; When there is no willing buyer and investments cannot be readily sold at the desired time or price, the Fund may need to accept a lower price or may not be able to sell the security at all. An inability to sell securities can adversely affect the Fund&#8217;s value or prevent the Fund from being able to take advantage of other investment opportunities. Recent instability in certain credit and fixed income markets has adversely affected and is expected to continue to affect the liquidity of certain classes of securities, including, in particular, certain types of asset-backed, mortgage-backed and real estate-related securities. <br /><br />Managed Portfolio Risk &#8211; The Adviser&#8217;s investment strategies or choice of specific securities may be unsuccessful and may cause the Fund to incur losses. Mortgage-Related Securities Risk - The Fund&#8217;s investments in mortgage-related securities may be affected by, among other things, changes in interest rates, the creditworthiness of the entities that provide their credit enhancements or the market&#8217;s assessment of the quality of the underlying assets. Mortgage-related securities can be sensitive to changes in interest rates and are subject to pre-payment risk, which is the risk that the underlying debt may be refinanced or prepaid. Mortgage-related securities may be issued or guaranteed by the U.S. government, its agencies or instrumentalities or by private issuers. Mortgage-related securities issued by private issuers are subject to greater credit risks than those issued or guaranteed by the U.S. government. <br /><br />Multiple Investment Sub-Adviser Risk - The Sub-Advisers make their trading decisions independently, and, as a result, it is possible that one or more Sub-Advisers may take positions in the same security or purchase/sell the same security at the same time without aggregating their transactions. This may cause unnecessary brokerage and other expenses to the Fund. Each Sub-Adviser uses a particular style or set of styles to select investments for the Fund. Those styles may be out of favor or may not produce the best results over the investment time periods. Each Sub-Adviser&#8217;s investment strategies or choice of specific securities may be unsuccessful and may cause the Fund to incur losses. <br /><br />Non-Diversified Risk &#8211; An Underlying Investment Strategy in which the Fund invests that is non-diversified may invest a larger percentage of its assets in a given security than a diversified fund. As a result, it may be more susceptible to a single adverse economic, political or regulatory occurrence affecting one or more issuers in which a large percentage of its assets is invested and may experience increased volatility due to its investments in those securities. <br /><br />Options Risk <b>-</b> The price of the options, which is a function of interest rates, volatility, dividends, the exercise price, stock price and other market factors, may change rapidly over time. Price valuations or market movements may not justify purchasing put options on individual securities, stock indexes and ETFs, or, if purchased, the options may expire unexercised, causing the Fund to lose the premium paid for the options. There may be an imperfect correlation between the prices of options and movements in the price of the securities (or indices) hedged or used for cover which may cause a given hedge not to achieve its objective. Over the-counter options expose the Fund to counterparty risk. <br /><br />Portfolio Turnover Risk - Frequent trading of securities by the Fund or Underlying Investment Strategy may result in a higher than average level of capital gains, including short-term gains, and will result in greater transaction costs to the Fund. Higher portfolio turnover may increase the level of short-term capital gains. To the extent distributions to shareholders are made from net-short-term capital gains of the Fund, the distributions will be taxed at ordinary income rates for federal income tax purposes, rather than at lower long-term capital gains rates. Greater transaction costs and higher expenses as a result of portfolio turnover can negatively impact the Fund&#8217;s performance. <br /><br />Preferred Stock Risk - Preferred stock is a class of a capital stock that typically pays dividends at a specified rate. Preferred stock is generally senior to common stock, but subordinate to debt securities, with respect to the payment of dividends and on liquidation of the issuer. The market value of preferred stock generally decreases when interest rates rise and is also affected by the issuer&#8217;s ability to make payments on the preferred stock. <br /><br />Repurchase and Reverse Repurchase Transactions Risk - The Fund may enter into repurchase and reverse repurchase transactions agreements. If the party agreeing to repurchase should default, the Fund may sell the underlying securities and incur procedural costs or delays in addition to any loss on the securities. Reverse repurchase agreements involve the risk that the market value of the securities sold by the Fund may decline below the price at which it is obligated to repurchase the securities. Reverse repurchase agreements may be considered borrowing for some purposes. <br /><br />Risk of Investment in Other Investment Companies &#8211; There are certain risks associated with the Fund&#8217;s investment in the Underlying Funds. These risks include, but are not limited to: <br /><br />Expenses. Your cost of investing in the Fund will be higher than the cost of investing directly in the Underlying Funds. <br /><br />Allocation Risk. The Fund may be prevented from fully allocating assets to an Underlying Fund due to regulatory limitations which may impact a fund-of-funds. <br /><br />Underlying Fund Risk. All risks associated with an Underlying Fund are applicable to the Fund. In addition, the Adviser&#8217;s assumptions about an Underlying Fund may be incorrect in view of actual market conditions. The Adviser may be subject to potential conflicts of interest in the selection of Underlying Funds. An Underlying Fund may experience large purchases or redemptions, which could affect the performance of the Fund. <br /><br />Transparency Risk. The Underlying Funds are not managed by the Adviser, and the Adviser has access to information regarding the Underlying Fund&#8217;s investments to the extent the Underlying Fund&#8217;s adviser makes it available. <br /><br />Underlying Fund Managed Portfolio Risk. An Underlying Fund adviser&#8217;s investment strategies or choice of specific securities may be unsuccessful and may cause the Underlying Fund to incur losses. <br /><br />Risk of Underlying Pools &#8211; Underlying Pools are subject to management, transactional and other expenses, which will be indirectly paid by the Fund as investor party to a swap contract on an Underlying Pool. A total return swap on an Underlying Pool is not a direct investment in the Underlying Pool, and the cost of investing in the Fund may be higher than the cost of investing directly in an Underlying Pool and may be higher than other mutual funds that invest directly in stocks and bonds. The Underlying Pools will pay management fees, brokerage commissions, and operating expenses to one or more advisors engaged to trade alternative and/or hedging strategies on behalf of the Underlying Pools (each an &#8220;Underlying Pool Manager&#8221;), which will affect the returns to which the Fund seeks access via the total return swap. There is no guarantee that any of the trading strategies used by the Underlying Pool Managers retained by the Underlying Pools will be profitable or avoid losses. <br /><br />Short Sales Risk - The Fund may sell securities short. Short sales involve the risk that the Fund will incur a loss by subsequently buying a security at a higher price than the price at which the fund previously sold the security short. Any loss will be increased by the amount of compensation, dividends or interest the fund must pay to the lender of the security. Because a loss incurred by the Fund on a short sale results from increases in the value of the security, losses on a short sale are theoretically unlimited. In addition, the Fund may not be able to close out a short position at a particular time or at an acceptable price.<b>Number of Years</b><br/><b>You Own Your</b><br/><b>Shares</b>You would pay the following expenses if you did not redeem your shares:6882211201081789485Performance Information14981383874The following information provides some indication of the risks of investing in the Fund by showing how the Fund&#8217;s performance has varied over time. The bar chart depicts the change in performance from year to year during the periods indicated. The bar chart figures do not include any applicable sales charges that an investor may pay when they buy or sell shares of the Fund. If sales charges were included, the returns would be lower. The table compares the Fund&#8217;s average annual returns for the periods indicated to broad-based securities market indices. The indices are not actively managed and are not available for direct investment. The bar charts and performance tables assume reinvestment of dividends and distributions. The Fund&#8217;s past performance does not necessarily indicate how it will perform in the future. Updated performance information is available on the Fund&#8217;s website at www.redmontfunds.com or by calling 855.268.2242.265729891963<b>Annual Total Return</b> (year ended 12/31)<br/><b>Class A Shares</b><br/><br/>Calendar Year Annual Returns - Class A Shares<b>Average Annual Total Returns</b><br/>(for the period ended December 31, 2012)0.0178PORTFOLIO TURNOVERThe Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and, for U.S. federal income tax purposes, may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund&#8217;s performance. During the most recent fiscal year, the Fund&#8217;s portfolio turnover was 113% of the average value of its portfolio.PRINCIPAL INVESTMENT STRATEGIES OF THE FUNDThe Fund is designed to meet investor needs for a diversified portfolio solution with a defined risk objective of growth through a fully managed investment policy utilizing United States and foreign equity securities, debt and money market securities, the combination of which will be varied from time to time both with respect to types of securities and markets in response to changing market and economic trends. The Fund&#8217;s portfolio is built around a long-term strategic allocation which allocates the Fund&#8217;s investments to large cap stocks, small and mid-cap stocks, international securities (including emerging markets), and bonds. The Fund will normally be invested in 80% equity securities (including common stock and ETFs) and 20% fixed income securities (including corporate debt and ETFs). The fixed-income securities may be of any quality or duration. The portfolio management team may depart from the targeted allocation range when they feel that certain sectors of the financial markets are overvalued or undervalued.PRINCIPAL RISKS OF THE FUNDBest Quarter &#8211; 9/2012 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.74% <br/>Worst Quarter &#8211; 6/2012&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-3.15%<br/><br/>The Fund&#8217;s Class A share year-to-date return as of June 30, 2013 was -4.56%After-tax returns are calculated using the historically highest individual U.S. federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your individual tax situation and may differ from those shown in the table below. The after-tax return information shown below does not apply to Fund shares held through a tax-deferred account, such as a 401(k) plan or an IRA. After-tax returns are only shown for Class A shares of the Fund. After-tax returns for Class I shares will vary from those shown for Class A shares due to varying sales charges and expenses among the classes.-0.038-0.0386-0.02430.02130.03510.16-0.0379-0.0385-0.03240.02130.0350.1596SUMMARY SECTION <br/><br/>ALPS | WMC DISCIPLINED VALUE FUND (THE &#8220;FUND&#8221;)The following is a description of the principal risks of the Fund&#8217;s portfolio, which may adversely affect its net asset value and total return. There are other circumstances (including additional risks that are not described here) which could prevent the Fund from achieving its investment objective. It is important to read all the disclosure information provided and to understand that you may lose money by investing in the Fund.<ul type="square"><li><b>Allocation Risk.</b> The performance of the Fund relative to its benchmark will depend largely on the decisions of RiverFront Investment Group, LLC (the &#8220;Sub-Adviser&#8221; or &#8220;RiverFront&#8221;) as to strategic asset allocation and tactical adjustments made to the asset allocation. At times, RiverFront&#8217;s judgments as to the asset classes in which the Fund should invest may prove to be wrong, as some asset classes may perform worse than others or the equity markets generally from time to time or for extended periods of time.</li></ul><ul type="square"><li> <b>Managed Portfolio Risk.</b> The manager&#8217;s investment strategies or choice of specific securities may be unsuccessful and may cause the Fund to incur losses.</li></ul><ul type="square"><li><b>Sector and Securities Selection Risk.</b> The performance of the Fund is related to the economic sectors that RiverFront may choose to emphasize or deemphasize from time to time, as well as to the individual securities selected by RiverFront within those sectors. The investment returns for particular economic sectors will fluctuate and may be lower than other sectors. In addition, the individual securities chosen for investment within a particular sector may underperform other securities within that same sector.</li></ul><ul type="square"><li><b>Stock Market Risk.</b> The Fund will invest significantly in common stocks. Stock prices vary and may fall, often in tandem with fluctuations in the overall stock markets, thus reducing the value of the Fund&#8217;s investments. Certain stocks selected for the Fund&#8217;s portfolio may decline in value more than the overall stock markets.</li></ul><ul type="square"><li><b>Interest Rate Risk.</b> The value of the Fund&#8217;s investments in fixed-income securities will generally decrease when interest rates rise, which means the Fund&#8217;s NAV will likewise decrease.</li></ul><ul type="square"><li><b>Credit Risk.</b> The companies in which the Fund may invest may have their credit rating downgraded, fail financially or be unwilling or unable to make timely payments of interest or principal, thereby reducing the value of the Fund&#8217;s portfolio and its income.</li></ul><ul type="square"><li><b>Equity Securities Risk.</b> Equity securities may experience sudden, unpredictable drops in value or long periods of decline in value. This may occur because of factors that affect securities markets generally or factors affecting specific industries, sectors or companies in which the Fund invests.</li></ul><ul type="square"><li><b>Style Investing Risk.</b> To the extent the Fund focuses on a particular style of stocks (such as growth or value), its performance may at times be better or worse than the performance of funds that focus on other types of stocks or that have a broader investment style. Growth stocks, which are characterized by high price-to-earnings ratios, may be more volatile than value stocks with lower price-to-earnings ratios.</li></ul><ul type="square"><li><b>Small- and Mid-Cap Risk.</b> From time to time, the Fund may invest significantly in small-capitalization and mid-capitalization stocks, which are often more volatile and less liquid than investments in larger companies. The frequency and volume of trading in securities of smaller and mid-size companies may be substantially less than is typical of larger companies. Therefore, the securities of smaller and mid-size companies may be subject to greater and more abrupt price fluctuations. In addition, smaller and mid-size companies may lack the management experience, financial resources and product diversification of larger companies, making them more susceptible to market pressures and business failure.</li></ul><ul type="square"><li><b>ETF Investment Risk.</b> ETFs are investment companies that are bought and sold on a securities exchange. The price of an ETF can fluctuate within a wide range, and the Fund could lose money by investing in an ETF if the prices of the securities owned by the ETF go down. The market price of an ETF&#8217;s shares may trade at a premium or discount to their net asset value, meaning that the Fund could pay more to purchase shares of an ETF, or receive less in a sale of shares of an ETF, than the net asset value of the ETF. ETFs are also subject to potential liquidity risk because an active trading market for an ETF&#8217;s shares may not develop or be maintained, trading of an ETF&#8217;s shares may be halted from time to time, or the shares may be de-listed from the exchange. In addition, the Fund incurs its proportionate shares of the expenses of the ETFs in which it invests, which has the effect of increasing the operating expenses of the Fund and thus the costs of your investment in the Fund.</li></ul><ul type="square"><li><b>High Yield Securities Risk.</b> The Fund may invest in high yield securities. High yield securities generally offer a higher current yield than that available from higher grade issues, but typically involve greater risk. Securities rated below investment grade are commonly referred to as &#8220;junk bonds.&#8221; The ability of issuers of high yield securities to make timely payments of interest and principal may be adversely impacted by adverse changes in general economic conditions, changes in the financial condition of the issuers and price fluctuations in response to changes in interest rates. High yield securities are less liquid than investment grade securities and may be difficult to price or sell, particularly in times of negative sentiment toward high yield securities.</li></ul><ul type="square"><li><b>Foreign Issuer and Emerging Markets Risk.</b> The Fund will invest in securities of foreign issuers, which are subject to certain inherent risks, such as political or economic disruptions or instability of the country of issue, the difficulty of predicting international trade patterns, foreign currency fluctuations, and the possibility of imposition of exchange controls. Such securities may also be subject to greater variations in price than securities of domestic corporations. At times, the prices of foreign stocks and the prices of U.S. stocks have moved in opposite directions. Foreign securities may be less liquid and involve higher transaction costs, as foreign securities markets may be less efficient than U.S. markets. In addition, there may be less publicly available information about a foreign company than about a domestic company. Foreign companies generally are not subject to uniform accounting, auditing and financial reporting standards comparable to those applicable to domestic companies. With respect to certain foreign countries, there is a possibility of expropriation or confiscatory taxation, or diplomatic developments, which could affect investment in those countries.</li></ul>PERFORMANCE INFORMATIONThe following information provides some indication of the risks of investing in the Fund by showing how the Fund&#8217;s performance has varied over time. The bar chart depicts the change in performance from year to year during the periods indicated. The bar chart figures do not include any applicable sales charges that an investor may pay when they buy or sell shares of the Fund. If sales charges were included, the returns would be lower. The table compares the Fund&#8217;s average annual returns for the periods indicated to broad-based securities market indices. The indices are not actively managed and are not available for direct investment. The bar charts and performance tables assume reinvestment of dividends and distributions. The Fund&#8217;s past performance does not necessarily indicate how it will perform in the future. Updated performance information is available on the Fund&#8217;s website at www.alpsfunds.com or by calling 866.759.5679.<b>Annual Total Return </b> (years ended 12/31)<br/><b>Class A Shares </b>SUMMARY SECTION<br/><br/>RIVERFRONT GLOBAL GROWTH FUND (THE &#8220;FUND&#8221;)INVESTMENT OBJECTIVEThe Fund seeks to achieve long-term capital appreciation through a fully managed investment policy utilizing United States and foreign equity securities, debt and money market securities, the combination of which will be varied from time to time both with respect to types of securities and markets in response to changing market and economic trends.FEES AND EXPENSES OF THE PORTFOLIOThis table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for certain sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund. More information about these and other discounts is available from your financial professional and in &#8220;BUYING, EXCHANGING AND REDEEMING SHARES&#8221; at page 81 of the Prospectus and &#8220;PURCHASE, EXCHANGE &amp; REDEMPTION OF SHARES&#8221; at page 81 of the Fund&#8217;s statement of additional information.<b>Shareholder Fees</b> (fees paid directly from your investment)<b>Annual Fund Operating Expenses</b> (expenses that you pay each year as a percentage of the value of your investment)<b>Example</b>This example helps you compare the costs of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same. After one year, the Example does not take into consideration any agreement by the Adviser to waive fees. Although your actual costs may be higher or lower, based on these assumptions your cost would be:<b>Number of Years<br>You Own Your Shares</b>You would pay the following expenses if you did not redeem your shares:PORTFOLIO TURNOVERThe Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and, for U.S. federal income tax purposes, may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund&#8217;s performance. During the most recent fiscal year, the Fund&#8217;s portfolio turnover was 113% of the average value of its portfolio.PRINCIPAL INVESTMENT STRATEGIES OF THE FUNDThe Fund is designed to meet investor needs for a diversified portfolio solution with a defined risk objective of long-term growth through a fully managed investment policy utilizing United States and foreign equity securities, debt and money market securities, the combination of which will be varied from time to time both with respect to types of securities and markets in response to changing market and economic trends. The portfolio is built around a strategic allocation which allocates the portfolio&#8217;s investments to large cap stocks, small- and mid-cap stocks, international securities (including emerging markets), and other investments. The Fund will normally be fully invested in equity securities, including common stock and exchange-traded funds (&#8220;ETFs&#8221;). The portfolio management team may depart from the targeted allocation range when they feel that certain sectors of the financial markets are overvalued or undervalued.PRINCIPAL RISKS OF THE FUNDINVESTMENT OBJECTIVEThe following is a description of the principal risks of the Fund&#8217;s portfolio, which may adversely affect its net asset value and total return. There are other circumstances (including additional risks that are not described here) which could prevent the Fund from achieving its investment objective. It is important to read all the disclosure information provided and to understand that you may lose money by investing in the Fund.<ul type="square"><li><b>Allocation Risk.</b> The performance of the Fund relative to its benchmark will depend largely on the decisions of RiverFront Investment Group, LLC (the &#8220;Sub-Adviser&#8221; or &#8220;RiverFront&#8221;) as to strategic asset allocation and tactical adjustments made to the asset allocation. At times, RiverFront&#8217;s judgments as to the asset classes in which the Fund should invest may prove to be wrong, as some asset classes may perform worse than others or the equity markets generally from time to time or for extended periods of time.</li></ul><ul type="square"><li><b>Management Risk.</b> The Sub-Adviser&#8217;s judgments about the attractiveness, value and potential appreciation of particular asset classes, securities or sectors may prove to be incorrect. Such errors could result in a negative return and a loss to you.</li></ul><ul type="square"><li><b>Sector and Securities Selection Risk.</b> The performance of the Fund is related to the economic sectors that RiverFront may choose to emphasize or deemphasize from time to time, as well as to the individual securities selected by RiverFront within those sectors. The investment returns for particular economic sectors will fluctuate and may be lower than other sectors. In addition, the individual securities chosen for investment within a particular sector may underperform other securities within that same sector.</li></ul><ul type="square"><li><b>Stock Market Risk.</b> The Fund will invest significantly in common stocks. Stock prices vary and may fall, often in tandem with fluctuations in the overall stock markets, thus reducing the value of the Fund&#8217;s investments. Certain stocks selected for the Fund&#8217;s portfolio may decline in value more than the overall stock markets.</li></ul><ul type="square"><li><b>Equity Securities Risk.</b> Equity securities may experience sudden, unpredictable drops in value or long periods of decline in value. This may occur because of factors that affect securities markets generally or factors affecting specific industries, sectors or companies in which the Fund invests.</li></ul><ul type="square"><li><b>Style Investing Risk.</b> To the extent the Fund focuses on a particular style of stocks (such as growth or value), its performance may at times be better or worse than the performance of funds that focus on other types of stocks or that have a broader investment style. Growth stocks, which are characterized by high price-to-earnings ratios, may be more volatile than value stocks with lower price-to-earnings ratios.</li></ul><ul type="square"><li><b>Small- and Mid-Cap Risk.</b> From time to time, the Fund may invest significantly in small-capitalization and mid-capitalization stocks, which are often more volatile and less liquid than investments in larger companies. The frequency and volume of trading in securities of smaller and mid-size companies may be substantially less than is typical of larger companies. Therefore, the securities of smaller and mid-size companies may be subject to greater and more abrupt price fluctuations. In addition, smaller and mid-size companies may lack the management experience, financial resources and product di- versification of larger companies, making them more susceptible to market pressures and business failure.</li></ul><ul type="square"><li><b>ETF Investment Risk.</b> ETFs are investment companies that are bought and sold on a securities exchange. The price of an ETF can fluctuate within a wide range, and the Fund could lose money by investing in an ETF if the prices of the securities owned by the ETF go down. The market price of an ETF&#8217;s shares may trade at a premium or discount to their net asset value, meaning that the Fund could pay more to purchase shares of an ETF, or receive less in a sale of shares of an ETF, than the net asset value of the ETF. ETFs are also subject to potential liquidity risk because an active trading market for an ETF&#8217;s shares may not develop or be maintained, trading of an ETF&#8217;s shares may be halted from time to time, or the shares may be de-listed from the exchange. In addition, the Fund incurs its proportionate shares of the expenses of the ETFs in which it invests, which has the effect of increasing the operating expenses of the Fund and thus the costs of your investment in the Fund.</li></ul><ul type="square"><li><b>Foreign Issuer and Emerging Markets Risk</b>. The Fund will invest in securities of foreign issuers, which are subject to certain inherent risks, such as political or economic disruptions or instability of the country of issue, the difficulty of predicting international trade patterns, foreign currency fluctuations, and the possibility of imposition of exchange controls. Such securities may also be subject to greater variations in price than securities of domestic corporations. At times, the prices of foreign stocks and the prices of U.S. stocks have moved in opposite directions. Foreign securities may be less liquid and involve higher transaction costs, as foreign securities markets may be less efficient than U.S. markets. In addition, there may be less publicly available information about a foreign company than about a domestic company. Foreign companies generally are not subject to uniform accounting, auditing and financial reporting standards comparable to those applicable to domestic companies. With respect to certain foreign countries, there is a possibility of expropriation or confiscatory taxation, or diplomatic developments, which could affect investment in those countries.</li></ul>PERFORMANCE INFORMATIONThe following information provides some indication of the risks of investing in the Fund by showing how the Fund&#8217;s performance has varied over time. The performance shown for periods prior to September 27, 2010 reflects the performance of the RiverFront Long-Term Growth Fund, a series of Baird Funds, Inc., as a result of a prior reorganization of the Baird Funds &#8212; RiverFront Long-Term Growth Fund into the Fund, without the effect of any fee and expense limitations or waivers. If the Fund&#8217;s shares had been available during the periods shown, the performance shown may have been different.<br/><br/>The bar chart depicts the change in performance from year to year during the periods indicated. The bar chart figures do not include any applicable sales charges that an investor may pay when they buy or sell shares of the Fund. The table compares the Fund&#8217;s average annual returns for the periods indicated to a broad-based securities market index. The index is not actively managed and is not available for direct investment. The bar charts and performance tables assume reinvestment of dividends and distributions. The Fund&#8217;s past performance does not necessarily indicate how it will perform in the future. Updated performance information is available on the Fund&#8217;s website at www.alpsfunds. com or by calling 866.759.5679.The Fund seeks long-term capital appreciation. Dividend income may be a factor in portfolio selection but is secondary to the Fund&#8217;s principal objective.<b>Calendar Year Annual Returns for Class A Shares</b><br/>(for periods ending 12/31)00August 31, 2017FEES AND EXPENSES OF THE PORTFOLIOAfter-tax returns are shown only for Class A shares, and the after-tax returns for Class C and Class I shares will vary. After-tax returns are calculated by using the highest historical individual federal marginal income tax rates (i.e., maximum rates) and do not include state or local taxes. Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold Fund shares in tax-deferred accounts (i.e., retirement plans or Individual Retirement Accounts).0.25<b>Average Annual Total Returns</b><br/>(for the period ended December 31, 2012)0.055This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for certain sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund. More information about these and other discounts is available from your financial professional and in &#8220;BUYING, EXCHANGING AND REDEEMING SHARES&#8221; at page 81 of the Prospectus and &#8220;PURCHASE, EXCHANGE &amp; REDEMPTION OF SHARES&#8221; at page 81 of the Fund&#8217;s statement of additional information.0Best Quarter &#150;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;March 31, 2012&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.63%<br/> Worst Quarter &#150;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;September 30, 2011&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-16.39%<br/><br/>The Fund&#8217;s Class A share year-to-date return as of June 30, 2013 was 3.94%.<b>Shareholder Fees</b> (fees paid directly from your investment)0.010.01If you invest $1 million or more, either as a lump sum or through the Fund&#8217;s accumulation or letter of intent programs, you can purchase Class A shares without an initial sales charge (load); however, a Contingent Deferred Sales Charge (&#8220;CDSC&#8221;) of 1.00% may apply to Class A shares redeemed within the first 12 months after a purchase in excess of $1 million.<b>Example </b>You may qualify for certain sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund.50000<b>Annual Fund Operating Expenses</b> (expenses that you pay each year as a percentage of the value of your investment)This example is intended to help you compare the costs of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:PORTFOLIO TURNOVER0.05500The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). For U.S. federal income tax purposes, a higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund&#8217;s performance. During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 34% of the average value of its portfolio.0.010.010PRINCIPAL INVESTMENT STRATEGIES OF THE FUNDExpenses have been restated to reflect current fees.000The Total Annual Fund Operating Expenses will not correlate to the ratio of expenses to average net assets provided in the Financial Highlights table for the Fund in the Fund&#8217;s annual report for the same period, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses.The Fund invests primarily in common stocks of U.S. companies that the Fund&#8217;s sub-adviser, Wellington Management Company, LLP (&#8220;Wellington Management&#8221; or the &#8220;Sub-Adviser&#8221;) believes are undervalued by the marketplace. The Sub-Adviser may invest in companies with any market capitalization, but will emphasize primarily large capitalization companies. <br/><br/>Disciplined portfolio construction techniques are used to manage risk and ensure diversification through investments in a number of different industries and companies.0.00950.00950.0095PRINCIPAL RISKS OF THE FUNDIt is important to read all the disclosure information provided and to understand that you may lose money by investing in the Fund.0.00250.00750Non-Diversified Risk &#8211; An Underlying Investment Strategy in which the Fund invests that is non-diversified may invest a larger percentage of its assets in a given security than a diversified fund. As a result, it may be more susceptible to a single adverse economic, political or regulatory occurrence affecting one or more issuers in which a large percentage of its assets is invested and may experience increased volatility due to its investments in those securities.The following information provides some indication of the risks of investing in the Fund by showing how the Fund&#8217;s performance has varied over time.855.268.2242www.redmontfunds.comThe following is a description of the principal risks of the Fund, which may adversely affect its net asset value and total return. There are other circumstances (including additional risks that are not described here) which could prevent the Fund from achieving its investment objective. It is important to read all the disclosure information provided and to understand that you may lose money by investing in the Fund. <ul type="square"><li><b> Stock Market Risk</b>. The value of equity securities in the Fund will fluctuate and, as a result, the Fund&#8217;s share price may decline suddenly or over a sustained period of time. </li></ul><ul type="square"><li><b> Sector Risk</b>. Companies with similar characteristics may be grouped together in broad categories called sectors. Sector risk is the possibility that a certain sector may perform differently than other sectors or as the market as a whole. Although the Fund does not intend to invest in any particular sector or sectors, the Fund may, from time to time, emphasize investments in one or more sectors. </li></ul><ul type="square"><li><b> Managed Portfolio Risk</b>. The manager&#8217;s investment strategies or choice of specific securities may be unsuccessful and may cause the Fund to incur losses.</li></ul>The Fund&#8217;s past performance does not necessarily indicate how it will perform in the future.0.00310.00560.0031PERFORMANCE INFORMATION0.00850.00850.0085The bar chart figures do not include any applicable sales charges that an investor may pay when they buy or sell shares of the Fund. If sales charges were included, the returns would be lower.0.00250.007500.00380.00630.0038After-tax returns are calculated using the historically highest individual U.S. federal marginal income tax rates and do not reflect the impact of state and local taxes.00.002500.00380.00380.0038Actual after-tax returns depend on your individual tax situation and may differ from those shown in the table below. The after-tax return information shown below does not apply to Fund shares held through a tax-deferred account, such as a 401(k) plan or an IRA.0.00270.00270.00270.01750.0250.015After-tax returns are only shown for Class A shares of the Fund. After-tax returns for Class I shares will vary from those shown for Class A shares due to varying sales charges and expenses among the classes.0.01420.02170.0117Best Quarter2012-09-300.0274Worst Quarter2012-06-30-0.0315year-to-date return2013-06-30-0.0456After-tax returns are calculated using the historically highest individual U.S. federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your individual tax situation and may differ from those shown in the table below. The after-tax return information shown below does not apply to Fund shares held through a tax-deferred account, such as a 401(k) plan or an IRA.<br/><br/>After-tax returns are only shown for Class A shares of the Fund. After-tax returns for Class C shares and Class I shares will vary from those shown for Class A shares due to varying sales charges and expenses among the classes.The following information provides some indication of the risks of investing in the Fund by showing how the Fund&#8217;s performance has varied over time. The performance shown for Class A shares and Class I shares for periods prior to August 29, 2009, reflects the performance of the Activa Mutual Funds Trust &#8211; Activa Value Fund&#8217;s Class A shares and Class I shares (as result of a prior reorganization of Activa Mutual Funds Trust &#8211; Activa Value Fund&#8217;s Class A shares and Class I shares into the Fund&#8217;s Class A shares and Class I shares), without the effect of any fee and expense limitations or waivers. If Class A shares and Class I shares of the Fund had been available during periods prior to August 29, 2009, the performance shown may have been different. Class C shares of the Fund commenced operations on June 30, 2010. The performance shown for periods prior to June 30, 2010 for Class C shares reflects the performance of the Fund&#8217;s Class A shares, calculated using the fees and expenses of Class C shares, without the effect of any fee and expense limitations or waivers. If Class C shares of the Fund had been available during periods prior to June 30, 2010, the performance shown may have been different. <br/><br/>The bar chart depicts the change in performance from year to year during the periods indicated. The bar chart figures do not include any applicable sales charges that an investor may pay when they buy or sell shares of the Fund. If sales charges were included, the returns would be lower. The table compares the Fund&#8217;s average annual returns for the periods indicated to broad-based securities market indices. The indices are not actively managed and are not available for direct investment. The bar charts and performance tables assume reinvestment of dividends and distributions. The Fund&#8217;s past performance does not necessarily indicate how it will perform in the future. Updated performance information is available on the Fund&#8217;s website at www.alpsfunds. com or by calling 866.759.5679.00.00250-0.0033-0.0033-0.0033<b>Average Annual Total Returns </b><br/>(for the period ended December 31, 2012)<b>Annual Total Return</b> (years ended 12/31)<br/><b>Class A Shares </b>0.05730.04120.06130.1040.12510.16130.03360.03070.02740.05010.06030.0814687320119104074744214171300787247128071760Best Quarter &#150;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;June 30, 2003&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.52%<br/> Worst Quarter &#150;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;December 31, 2008&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-21.09%<br/><br/>The Fund&#8217;s Class A Share year-to-date return as of June 30, 2013 was 15.76%.687220119104074744214171300787After-tax returns are calculated using distributions for the Activa Mutual Funds Trust &#8211; Activa Fund &#8211; Class A shares for periods prior to August 29, 2009. If Class A shares of the Fund had been available during these earlier periods, distributions may have been different and thus, after-tax returns may have been different from those shown. After-tax returns are calculated using the historically highest individual U.S. federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your individual tax situation and may differ from those shown in the table below. The after-tax return information shown below does not apply to Fund shares held through a tax-deferred account, such as a 401(k) plan or an IRA. <br/><br/>After-tax returns are only shown for Class A shares of the Fund. After-tax returns for Class C shares and Class I shares will vary from those shown for Class A shares due to varying sales charges and expenses among the classes.247128071760<b>Average Annual Total Returns </b><br/>(for the period ended December 31, 2012)0.00310.00310.00310.01510.02260.01262011-12-302011-12-302011-12-302011-12-300.26540.1281-0.099-0.0011-0.00110.1516-0.00110.08830.08380.05880.13260.15480.16130.15480.09860.09070.08210.10540.11640.1370.13010.0140.02150.01152010-08-022010-08-022010-08-022010-08-022010-08-02<b>Number of Years You<br/>Own Your Shares</b>You would pay the following expenses if you did not redeem your shares:<div style="display:none">~ http://www.redmontfunds.com/role/ScheduleAnnualTotalReturnsRedmontResoluteFundIBarChart column period compact * ~</div>
August 31, 2014You may qualify for certain sales charge discounts if you or your family invest, or agree to invest in the future, at least $50,000 in the Fund.68531811799169638950000131811996811.132008-10-282008-10-282008-10-282008-10-282008-10-28224225831511It is important to read all the disclosure information provided and to understand that you may lose money by investing in the Fund.The following information provides some indication of the risks of investing in the Fund by showing how the Fund&#8217;s performance has varied over time.The Fund&#8217;s past performance does not necessarily indicate how it will perform in the future.www.alpsfunds.com866.759.5679The bar chart figures do not include any applicable sales charges that an investor may pay when they buy or sell shares of the Fund. If sales charges were included, the returns would be lower.You may qualify for certain sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund.Redmont Resolute Fund II (the &#8220;Fund&#8221;)After-tax returns are calculated using the historically highest individual U.S. federal marginal income tax rates and do not reflect the impact of state and local taxes.Investment ObjectiveThe Fund seeks to provide long-term total return with reduced volatility and reduced correlation to the conventional stock and bond markets.Fees and Expenses of the FundThis table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.Actual after-tax returns depend on your individual tax situation and may differ from those shown in the table below. The after-tax return information shown below does not apply to Fund shares held through a tax-deferred account, such as a 401(k) plan or an IRA.50000685218117After-tax returns are only shown for Class A shares of the Fund. After-tax returns for Class C shares and Class I shares will vary from those shown for Class A shares due to varying sales charges and expenses among the classes.991696389-0.02131811996812242258315110.01500.00710.00220.00380.00110.00470.0268-0.01390.0129year-to-date return2013-06-300.0394Best Quarter2012-03-310.0863Worst Quarter2011-09-30-0.1639-0.0736<b>Example </b>0.12340.11720.11540.07860.16310.18420.17510.16This example is intended to help you compare the costs of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same. The example takes into consideration the agreement by the Adviser to waive fees. Although your actual costs may be higher or lower, based on these assumptions your costs would be:-0.0126-0.0142-0.011-0.00880.00070.00590.0166<b>Number of Years You Own Your Shares</b>131409869August 31, 201425461.13A Contingent Deferred Sales Charge (&#8220;CDSC&#8221;) of 1.00% may apply to Class C shares redeemed within the first 12 months after a purchase.You may qualify for certain sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund.50000It is important to read all the disclosure information provided and to understand that you may lose money by investing in the Fund.0.06260.05890.05420.06070.07030.07380.071The following information provides some indication of the risks of investing in the Fund by showing how the Fund&#8217;s performance has varied over time.The bar chart figures do not include any applicable sales charges that an investor may pay when they buy or sell shares of the Fund.The Fund&#8217;s past performance does not necessarily indicate how it will perform in the future.www.alpsfunds. com866.759.5679After-tax returns are calculated by using the highest historical individual federal marginal income tax rates (i.e., maximum rates) and do not include state or local taxes.Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold Fund shares in tax-deferred accounts (i.e., retirement plans or Individual Retirement Accounts).After-tax returns are shown only for Class A shares, and the after-tax returns for Class C and Class I shares will vary.Portfolio TurnoverThe Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). For U.S. federal income tax purposes, a higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund&#8217;s performance. During the Fund&#8217;s most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 51% of the average value of its portfolio.year-to-date returnPrincipal Investment Strategies of the Fund2013-06-300.0456Principal Risks of the FundBest Quarter2009-06-300.167Worst QuarterAugust 31, 20140.05270.05040.03470.03510.162011-09-30-0.19320.05250.05030.04360.0350.15960.34A Contingent Deferred Sales Charge (&#8220;CDSC&#8221;) of 1.00% may apply to Class C shares redeemed within the first 12 months after a purchase.It is important to read all the disclosure information provided and to understand that you may lose money by investing in the Fund.The following information provides some indication of the risks of investing in the Fund by showing how the Fund&#8217;s performance has varied over time.www.alpsfunds. comPerformance InformationThe following information provides some indication of the risks of investing in the Fund by showing how the Fund&#8217;s performance has varied over time. The bar chart depicts the change in performance from year to year during the periods indicated. The bar chart figures do not include any applicable sales charges that an investor may pay when they buy or sell shares of the Fund. If sales charges were included, the returns would be lower. The table compares the Fund&#8217;s average annual returns for the periods indicated to broad-based securities market indices. The indices are not actively managed and are not available for direct investment. The bar charts and performance tables assume reinvestment of dividends and distributions. The Fund&#8217;s past performance does not necessarily indicate how it will perform in the future. Updated performance information is available on the Fund&#8217;s website at www.redmontfunds.com or by calling 855.268.2242.<b>Annual Total Return</b> (year ended 12/31)<br/><b>Class I Shares</b><br/><br/>Calendar Year Annual Returns - Class I Shares<b>Average Annual Total Returns</b><br/>(for the period ended December 31, 2012)<div style="display:none">~ http://www.redmontfunds.com/role/ScheduleAnnualTotalReturnsRiverFrontGlobalAllocationFundBarChart column period compact * ~</div>
Best Quarter &#8211; 9/2012 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.67% <br/>Worst Quarter &#8211; 6/2012&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-2.42%<br/><br/>The Fund&#8217;s year-to-date performance as of June 30, 2013 was 2.58%After-tax returns are calculated using the historically highest individual U.S. federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your individual tax situation and may differ from those shown in the table below. The after-tax return information shown below does not apply to Fund shares held through a tax-deferred account, such as a 401(k) plan or an IRA.866.759.5679The Fund pursues its objective primarily by allocating its assets among (i) investment sub-advisers (the &#8220;Sub-Advisers&#8221;) who manage alternative or hedging investment strategies, (ii) other open-end investment companies, registered under the Investment Company Act of 1940, as amended (the &#8220;1940 Act&#8221;) that use alternative or hedging strategies, and (iii) derivatives, principally total return swaps on reference pools of securities which may be managed by unaffiliated parties (&#8220;Underlying Pools&#8221;), for the purposes of seeking economic exposure to alternative or hedging strategies. These three primary approaches to achieve exposure to alternative or hedging strategies will be collectively referred to as the &#8220;Underlying Investment Strategies&#8221; of the Fund. The Fund may also invest in closed-end funds and exchange-traded funds, which also provide exposure to hedging or alternative strategies. Collectively, the open-end funds, closed-end funds and exchange-traded funds in which the Fund may invest are referred to as &#8220;Underlying Funds.&#8221; <br /><br />The hedging or alternative strategies to which the Fund&#8217;s Underlying Investment Strategies seek to provide exposure may include, among other techniques, the use of short selling, options, futures, derivatives or similar instruments. Alternative investment strategies may include, among others, long/short, market neutral and arbitrage strategies; commodities or commodity-linked investments; leverage; derivatives; distressed securities; and other investment techniques that are expected to achieve the Fund&#8217;s investment objective. These strategies are common hedge fund-type strategies and may attempt to exploit disparities or inefficiencies in the markets, geographical areas, and companies; take advantage of security mispricings or anticipated price movements; and/or benefit from cyclical themes or special situations or events (such as spin-offs or reorganizations). <br /><br />The Adviser determines the allocation of the Fund&#8217;s assets among the various Underlying Investment Strategies. In selecting and weighting investment options, the Adviser seeks to identify Underlying Investment Strategies which, based on the investment styles and historical performance of the associated managers, have the potential, in the opinion of the Adviser, to perform independently of each other and achieve positive risk-adjusted returns in various market cycles. This is referred to as &#8220;low correlation.&#8221; The degree of correlation of any an Underlying Investment Strategy will, with other investment strategies and the market as a whole, vary as a result of market conditions and other factors. By allocating its assets among a number of investment options, the Fund seeks to provide exposure to a broad array of assets with less risk and lower volatility than if the Fund utilized a single Manager or a single strategy approach. The Adviser may change the allocation of the Fund&#8217;s assets among the available investment options, and may add or remove Underlying Investment Strategies, at any time. <br /><br />Sub-Advisers<br /><br />Each Sub-Adviser is responsible for the day-to-day management of its allocated portion of Fund assets. The Adviser has ultimate responsibility, subject to the oversight of the Board of Trustees of the Fund, to oversee the Sub-Advisers, and to recommend their hiring, termination and replacement. The Adviser may hire and terminate Sub-Advisers in accordance with the terms of an exemptive order obtained by the Fund and the Adviser from the SEC, under which the Adviser is permitted, subject to supervision and approval of the Board of Trustees, to enter into and materially amend sub-advisory agreements without shareholder approval. Currently, the Adviser has entered into sub-advisory agreements with turner Investments, L.P. and Robeco Investment Management, Inc. (&#8220;RIM&#8221;) for the Fund. As of the date of this Prospectus, the Fund&#8217;s assets which have been allocated to Sub-Advisers are allocated to RIM. <br /><br />Underlying Funds<br /><br />Each Underlying Fund invests its assets in accordance with its investment strategy. As the Fund is a shareholder of each Underlying Fund, the Fund&#8217;s shareholders will indirectly bear the Fund&#8217;s proportionate share of the fees and expenses paid by shareholders of the Underlying Fund, in addition to the fees and expenses the Fund&#8217;s shareholders directly bear in connection with the Fund&#8217;s own operations. As a result, investments in the securities of Underlying Funds involve the duplication of advisory fees and certain other expenses. The Fund may invest in Underlying Funds in excess of the limitations under the 1940 Act, pursuant to an exemptive order obtained by the Fund and the Adviser from the SEC. <br /><br />Swap Contracts on Underlying Pools<br /><br />Swap contracts, such as total return swaps, are contracts between the Fund and, typically, a brokerage firm or other financial institution (the swap counterparty) for periods ranging from a few days to multiple years. In a basic swap transaction, the Fund and the swap counterparty agree to exchange the returns that would be earned or realized if the notional amount (i.e., the amount selected by the parties as the basis on which to calculate the obligations they have agreed to exchange) were invested in certain reference assets. In a total return swap, the parties agree to &#8220;swap&#8221; the total return of an underlying reference asset (such as an index, security or underlying pool of securities) in exchange for a regular payment, at a floating rate, at a fixed rate, or the total rate of return on another financial instrument. The Fund may take either position in a total return swap (i.e., the Fund may receive or pay the total return on the underlying reference asset or index). The Fund may, through such a total return swap, seek to access the returns of a single or multiple Underlying Pool(s) that use a single manager or multiple managers to execute strategies which the Adviser deems to be consistent with the Fund&#8217;s investment objective and principal investment strategies.<br /><br />In addition to Underlying Investment Strategies, the Adviser may invest the Fund&#8217;s assets directly in the same manner as any Sub-Adviser in pursuit of the Fund&#8217;s investment objective. Investments generally include equity securities, fixed income securities and derivatives.<ul type="square"><li style="margin-left:-20px">In addition to the Underlying Investment Strategies, the Fund may invest in equity securities of issuers of any market capitalization in the U.S. or abroad, including convertible, private placement/restricted, initial public offering (&#8220;IPOs&#8221;) and emerging market securities, with certain exposures to non-U.S. issuers obtained through investments in American Depositary Receipts (&#8220;ADRs&#8221;).</li></ul><ul type="square"><li style="margin-left:-20px">The Fund may invest in fixed-income securities of any credit quality and maturity, including those with fixed or variable terms and those of defaulted/distressed issuers and bank loans. These securities can be rated below investment grade (i.e., &#8220;junk bonds&#8221;) and thus rated below Baa3 by Moody&#8217;s, BBB- by S&amp;P or BBB- by Fitch Ratings Ltd. or unrated and securities in default.</li></ul><ul type="square"><li style="margin-left:-20px">The Fund may invest in derivatives, in addition to swap contracts whose value is derived from an Underlying Pool, which are financial instruments that have a value that depends upon, or is derived from, a reference asset, such as options, futures, indexes or currencies. The most common types of derivatives in which the Fund may invest are forwards, options, futures and swaps contracts. The Fund may invest in derivatives to hedge (or reduce) its exposure to a portfolio asset or risk, to obtain leverage for speculative purposes, to manage cash and/or as a substitute for taking a position in the reference asset or to gain exposure to certain asset classes, in which case the derivatives may have economic characteristics similar to those of the reference asset and the Fund&#8217;s investment in the derivatives may be applied toward meeting a requirement to invest a certain percentage of its net assets in instruments with such characteristics.</li></ul>The following is a description of the principal risks of the Fund&#8217;s portfolio, which may adversely affect its net asset value and total return. There are other circumstances (including additional risks that are not described here) which could prevent the Fund from achieving its investment objective. It is important to read all the disclosure information provided and to understand that you may lose money by investing in the Fund. <br /><br />Unless stated otherwise, the principal risks described below are applicable to the Fund directly and indirectly through the Underlying Investment Strategies in which the Fund invests. <br /><br />ADR Risk - The Fund may invest in ADRs. ADR risks include, but are not limited to, fluctuations in foreign currencies, political and financial instability, less liquidity and greater volatility, lack of uniform accounting, auditing and financial reporting standards and increased price volatility. ADRs may not track the price of the underlying securities, and their value may change materially at times when the U.S. markets are not open for trading. <br /><br />Below-Investment Grade Securities Risk &#8211; Investments in below-investment grade fixed-income securities (&#8220;high yield securities&#8221; or &#8220;junk bonds&#8221;) are generally more speculative than investment grade fixed-income securities and have a greater risk of default. If an issuer defaults, a below-investment grade security could lose all of its value, be renegotiated at a lower interest rate or principal amount, or become illiquid. Below-investment grade securities may be less liquid and more volatile than investment grade fixed-income securities and may be more difficult to value. <br /><br />Commodity Risk &#8211; Investing long or short in the commodities market and investing in commodities linked instruments, such as exchange-traded notes, may subject the Fund to greater volatility than investments in traditional securities. Commodities include energy, metals, agricultural products, livestock and minerals. The Fund, either directly or through investment in an Underlying Investment Strategy, may buy certain commodities (such as gold) or may invest in commodity linked derivative instruments. The value of commodities and commodity contracts are affected by a variety of factors, including global supply and demand, changes in interest rates, commodity index volatility, and factors affecting a particular industry or commodity. <br /><br />Convertible Securities Risk &#8211; Convertible securities entail interest rate and credit risks. While fixed-income securities generally have a priority claim on a corporation&#8217;s assets over that of common stock, convertible securities held by the Fund that are rated below investment grade (i.e., &#8220;junk bonds&#8221;) are subject to special risks, including the risk of default in interest or principal payments, which could result in a loss of income to the Fund or a decline in the market value of the securities. <br /><br />Credit Risk &#8211; Credit risk (also called default risk) is the risk that the issuer of a security will not be able to make principal and interest payments on a debt issue. The credit ratings of issuers could change and negatively affect the Fund&#8217;s share price or yield. When the Fund or an Underlying Investment Strategy in which the Fund invests uses derivatives instruments to seek credit exposure to underlying issuers, it is subject to the credit risk of both the underlying issuer(s) and the counterparty (typically a broker or bank) to the instrument. When the Fund or an Underlying Investment Strategy invests in asset-backed securities, mortgage-backed securities and collateralized mortgage obligations, it is subject to the credit risks of the underlying assets that collateralize the instrument. <br /><br />Currency Risk &#8211; The value of the securities held by the Fund or an Underlying Investment Strategy may be affected by changes in exchange rates or control regulations. If a local currency gains against the U.S. dollar, the value of the security increases in U.S. dollar terms. If a local currency declines against the U.S. dollar, the value of the security decreases in U.S. dollar terms. <br /><br />Derivatives Risk &#8211; Risks associated with derivatives may include the risk that the derivative is not well correlated with the security, index or currency to which it relates, the risk that derivatives may not have the intended effects and may result in losses or missed opportunities, the risk that the Fund or an Underlying Investment Strategy in which the Fund invests will be unable to sell the derivative because of an illiquid secondary market, the risk that a counterparty is unwilling or unable to meet its obligations, and the risk that the derivative transaction could expose the Fund to the effects of leverage, which could increase the Fund&#8217;s exposure to the market and magnify potential losses. There is no guarantee that derivatives, to the extent employed, will have the intended effect, and their use could cause lower returns or even losses to the Fund. The use of derivatives by the Fund to hedge risk may reduce the opportunity for gain by offsetting the positive effect of favorable price movements. The use of derivatives can magnify gains or losses. <br /><br />Swap Contract Risk<b>.</b> The use of swaps involves investment techniques and risks different from those associated with ordinary portfolio security transactions. In addition, each swap exposes the Fund to counterparty risk when a counterparty to a financial instrument entered into by the Fund may become bankrupt or otherwise fail to perform its obligations due to financial difficulties. As a result, the Fund may experience delays in or be prevented from obtaining payments owed to it pursuant to a swap contract. Total return swaps are also subject to the particular risk that the swaps could result in losses if the underlying asset or reference, such as an Underlying Pool, does not perform as anticipated. Although total return swaps on Underlying Pools may seek to approximate the economic results of investments in pooled vehicles, they may be subject to particular liquidity risks. In addition, to the extent the Fund seeks exposure to the returns of an Underlying Pool through a total return swap, the Fund&#8217;s use of such swaps is also subject to risks associated with the Adviser&#8217;s assessment of an Underlying Pool manager&#8217;s ability to execute hedging or alternative strategies and deliver returns. <br /><br />Distressed Investments Risk - The Fund&#8217;s investment in instruments involving loans, loan participations, bonds, notes, non-performing and sub-performing mortgage loans, many of which are not publicly traded, may involve a substantial degree of risk. These instruments may become illiquid and the prices of such instruments may be extremely volatile. Valuing such instruments may be difficult and the Fund may lose all of its investment, or it may be required to accept cash or securities with a value less than the Fund&#8217;s original investment. Issuers of distressed securities are typically in a weak financial condition and may default, in which case the Fund may lose its entire investment. <br /><br />Emerging Markets Risk - Emerging markets investments are subject to the same risks as foreign investments and to additional risks due to greater political and economic uncertainties as well as a relative lack of information about companies in such markets. Securities traded on emerging markets are potentially illiquid and may be subject to volatility and high transaction costs. <br /><br />Equity Risk - The Fund&#8217;s equity holdings may decline in value because of changes in price of a particular holding or a broad stock market decline. The value of a security may decline for a number of reasons which directly relate to the issuer of a security. <br /><br />Exchange-Traded and Closed-End Fund Risk &#8211; The risks of investment in other investment companies typically reflect the risk of the types of securities in which the Underlying Investment Strategies invest. Investments in exchange-traded funds (&#8220;ETFs&#8221;) and closed-end funds are subject to the additional risk that shares of the Underlying Investment Strategy may trade at a premium or discount to their net asset value per share. When the Fund invests in another investment company, shareholders of the Fund bear their proportionate share of the other investment company&#8217;s fees and expenses as well as their share of the Fund&#8217;s fees and expenses. <br /><br />Exchange-Traded Note Risk &#8211; The returns of exchange-traded notes (&#8220;ETNs&#8221;) are based on the performance of a specified market index minus applicable fees. The risks of ETNs include the risk of the reference index. The value of an ETN is also subject to the credit risk of the issuer. Thus, the value of an ETN may drop due to a decline in an issuer&#8217;s credit quality or a downgrade in the issuer&#8217;s credit rating, even if there is no change or an increase in the reference index. ETNs are subject to the additional risk that notes may trade at a premium or discount to their reference index. When the Fund invests in an ETN, shareholders of the Fund bear their proportionate share of the ETNs&#8217; fees and expenses as well as their share of the Fund&#8217;s fees and expenses. <br /><br />Fixed Income Risk &#8211; Investing in long or short in fixed income securities subjects the Fund to additional risks, which include credit risk, interest risk, maturity risk, investment grade securities risk, municipal securities risk and prepayment risk. These risks could affect the value of a particular investment by the Fund, possibly causing the Fund&#8217;s share price and total return to be reduced and fluctuate more than other types of investments. <br /><br />Foreign Securities Risk &#8211; Investing in long or short in foreign issuers involves risks not associated with U.S. investments, including settlement risks, currency fluctuation, foreign tax risks, different financial reporting practices and regulatory standards, high costs of trading, changes in political conditions, expropriation, investment and repatriation restrictions as well as settlement and custody risks. <br /><br />Futures Contracts Risk- There may be an imperfect correlation between the changes in market value of the securities held by the Fund and the prices of futures contracts. There may not be a liquid secondary market for the futures contracts. <br /><br />Initial Public Offering Risk - The Fund may purchase securities in an initial public offering (&#8220;IPO&#8221;) or private placement, or are restricted (subject to contractual or legal restrictions on resale because they are not registered under the Securities Act of 1933, as amended) and may be illiquid; thus the Fund may not be able to dispose of them promptly at the price at which they are valued. <br /><br />Large-Cap, Mid-Cap and Small-Cap Companies Risk - The Fund&#8217;s investment in larger companies is subject to the risk that larger companies are sometimes unable to attain the high growth rates of successful, small companies, especially during extended periods of economic expansion. Securities of mid-cap and small-cap companies may be more volatile and less liquid than the securities of large-cap companies. <br /><br />Leverage Risk &#8211;One or more Underlying Investment Strategies may cause the Fund to incur leverage through, for example, borrowing for other than temporary or emergency purposes, investments in certain derivatives, short sales and futures contracts and forward currency contracts and engaging in forward commitment transactions. .The Fund may also invest in leveraged ETFs that seek to provide returns that are a multiple of a stated benchmark, typically using a combination of derivatives strategies. Like other forms of leverage, leveraged ETFs increase risk exposure relative to the amount invested and can lead to significantly greater losses than a comparable unleveraged portfolio. <br /><br />Liquidity Risk &#8211; When there is no willing buyer and investments cannot be readily sold at the desired time or price, the Fund may need to accept a lower price or may not be able to sell the security at all. An inability to sell securities can adversely affect the Fund&#8217;s value or prevent the Fund from being able to take advantage of other investment opportunities. Recent instability in certain credit and fixed income markets has adversely affected and is expected to continue to affect the liquidity of certain classes of securities, including, in particular, certain types of asset-backed, mortgage-backed and real estate-related securities. <br /><br />Managed Portfolio Risk &#8211; The Adviser&#8217;s investment strategies or choice of specific securities may be unsuccessful and may cause the Fund to incur losses. <br /><br />Mortgage-Related Securities Risk - The Fund&#8217;s investments in mortgage-related securities may be affected by, among other things, changes in interest rates, the creditworthiness of the entities that provide their credit enhancements or the market&#8217;s assessment of the quality of the underlying assets. Mortgage-related securities can be sensitive to changes in interest rates and are subject to pre-payment risk, which is the risk that the underlying debt may be refinanced or prepaid. Mortgage-related securities may be issued or guaranteed by the U.S. government, its agencies or instrumentalities or by private issuers. Mortgage-related securities issued by private issuers are subject to greater credit risks than those issued or guaranteed by the U.S. government. <br /><br />Multiple Investment Sub-Adviser Risk - The Sub-Advisers make their trading decisions independently, and, as a result, it is possible that one or more Sub-Advisers may take positions in the same security or purchase/sell the same security at the same time without aggregating their transactions. This may cause unnecessary brokerage and other expenses to the Fund. Each Sub-Adviser uses a particular style or set of styles to select investments for the Fund. Those styles may be out of favor or may not produce the best results over the investment time periods. Each Sub-Adviser&#8217;s investment strategies or choice of specific securities may be unsuccessful and may cause the Fund to incur losses. <br /><br />Non-Diversified Risk &#8211; An Underlying Investment Strategy in which the Fund invests that is non-diversified may invest a larger percentage of its assets in a given security than a diversified fund. As a result, it may be more susceptible to a single adverse economic, political or regulatory occurrence affecting one or more issuers in which a large percentage of its assets is invested and may experience increased volatility due to its investments in those securities. <br /><br />Options Risk <b>-</b> The price of the options, which is a function of interest rates, volatility, dividends, the exercise price, stock price and other market factors, may change rapidly over time. Price valuations or market movements may not justify purchasing put options on individual securities, stock indexes and ETFs, or, if purchased, the options may expire unexercised, causing the Fund to lose the premium paid for the options. There may be an imperfect correlation between the prices of options and movements in the price of the securities (or indices) hedged or used for cover which may cause a given hedge not to achieve its objective. Over the-counter options expose the Fund to counterparty risk. <br /><br />Portfolio Turnover Risk - Frequent trading of securities by the Fund or Underlying Investment Strategy may result in a higher than average level of capital gains, including short-term gains, and will result in greater transaction costs to the Fund. Higher portfolio turnover may increase the level of short-term capital gains. To the extent distributions to shareholders are made from net-short-term capital gains of the Fund, the distributions will be taxed at ordinary income rates for federal income tax purposes, rather than at lower long-term capital gains rates. Greater transaction costs and higher expenses as a result of portfolio turnover can negatively impact the Fund&#8217;s performance. <br /><br />Preferred Stock Risk - Preferred stock is a class of a capital stock that typically pays dividends at a specified rate. Preferred stock is generally senior to common stock, but subordinate to debt securities, with respect to the payment of dividends and on liquidation of the issuer. The market value of preferred stock generally decreases when interest rates rise and is also affected by the issuer&#8217;s ability to make payments on the preferred stock. <br /><br />Repurchase and Reverse Repurchase Transactions Risk - The Fund may enter into repurchase and reverse repurchase transactions agreements. If the party agreeing to repurchase should default, the Fund may sell the underlying securities and incur procedural costs or delays in addition to any loss on the securities. Reverse repurchase agreements involve the risk that the market value of the securities sold by the Fund may decline below the price at which it is obligated to repurchase the securities. Reverse repurchase agreements may be considered borrowing for some purposes. <br /><br />Risk of Investment in Other Investment Companies &#8211; There are certain risks associated with the Fund&#8217;s investment in the Underlying Funds. These risks include, but are not limited to: <br /><br />Expenses. Your cost of investing in the Fund will be higher than the cost of investing directly in the Underlying Funds. <br /><br />Allocation Risk. The Fund may be prevented from fully allocating assets to an Underlying Fund due to regulatory limitations which may impact a fund-of-funds. <br /><br />Underlying Fund Risk. All risks associated with an Underlying Fund are applicable to the Fund. In addition, the Adviser&#8217;s assumptions about an Underlying Fund may be incorrect in view of actual market conditions. The Adviser may be subject to potential conflicts of interest in the selection of Underlying Funds. An Underlying Fund may experience large purchases or redemptions, which could affect the performance of the Fund. <br /><br />Transparency Risk. The Underlying Funds are not managed by the Adviser, and the Adviser has access to information regarding the Underlying Fund&#8217;s investments to the extent the Underlying Fund&#8217;s adviser makes it available. <br /><br />Underlying Fund Managed Portfolio Risk. An Underlying Fund adviser&#8217;s investment strategies or choice of specific securities may be unsuccessful and may cause the Underlying Fund to incur losses. <br /><br />Risk of Underlying Pools &#8211; Underlying Pools are subject to management, transactional and other expenses, which will be indirectly paid by the Fund as investor party to a swap contract on an Underlying Pool. A total return swap on an Underlying Pool is not a direct investment in the Underlying Pool, and the cost of investing in the Fund may be higher than the cost of investing directly in an Underlying Pool and may be higher than other mutual funds that invest directly in stocks and bonds. The Underlying Pools will pay management fees, brokerage commissions, and operating expenses to one or more advisors engaged to trade alternative and/or hedging strategies on behalf of the Underlying Pools (each an &#8220;Underlying Pool Manager&#8221;), which will affect the returns to which the Fund seeks access via the total return swap. There is no guarantee that any of the trading strategies used by the Underlying Pool Managers retained by the Underlying Pools will be profitable or avoid losses. <br /><br />Short Sales Risk - The Fund may sell securities short. Short sales involve the risk that the Fund will incur a loss by subsequently buying a security at a higher price than the price at which the fund previously sold the security short. Any loss will be increased by the amount of compensation, dividends or interest the fund must pay to the lender of the security. Because a loss incurred by the Fund on a short sale results from increases in the value of the security, losses on a short sale are theoretically unlimited. In addition, the Fund may not be able to close out a short position at a particular time or at an acceptable price.August 31, 20170.51Expenses have been restated to reflect current fees.The Total Annual Fund Operating Expenses will not correlate to the ratio of expenses to average net assets provided in the Financial Highlights table for the Fund in the Fund&#8217;s annual report for the same period, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses.It is important to read all the disclosure information provided and to understand that you may lose money by investing in the Fund.Non-Diversified Risk &#8211; An Underlying Investment Strategy in which the Fund invests that is non-diversified may invest a larger percentage of its assets in a given security than a diversified fund. As a result, it may be more susceptible to a single adverse economic, political or regulatory occurrence affecting one or more issuers in which a large percentage of its assets is invested and may experience increased volatility due to its investments in those securities.The following information provides some indication of the risks of investing in the Fund by showing how the Fund&#8217;s performance has varied over time.855.268.2242www.redmontfunds.comThe Fund&#8217;s past performance does not necessarily indicate how it will perform in the future.The bar chart figures do not include any applicable sales charges that an investor may pay when they buy or sell shares of the Fund. If sales charges were included, the returns would be lower.After-tax returns are calculated using the historically highest individual U.S. federal marginal income tax rates and do not reflect the impact of state and local taxes.Actual after-tax returns depend on your individual tax situation and may differ from those shown in the table below. The after-tax return information shown below does not apply to Fund shares held through a tax-deferred account, such as a 401(k) plan or an IRA.Best Quarter2012-09-300.0367Worst Quarter2012-06-30-0.0242year-to-date performance2013-06-300.02582011-12-302011-12-302011-12-30The Fund&#8217;s past performance does not necessarily indicate how it will perform in the future.The bar chart figures do not include any applicable sales charges that an investor may pay when they buy or sell shares of the Fund. If sales charges were included, the returns would be lower.After-tax returns are calculated using the historically highest individual U.S. federal marginal income tax rates and do not reflect the impact of state and local taxes.Actual after-tax returns depend on your individual tax situation and may differ from those shown in the table below. The after-tax return information shown below does not apply to Fund shares held through a tax-deferred account, such as a 401(k) plan or an IRA.SUMMARY SECTION<br/><br/>ALPS | CORECOMMODITY MANAGEMENT<br/>COMPLETECOMMODITIES STRATEGY FUND (THE &#8220;FUND&#8221;)After-tax returns are only shown for Class A shares of the Fund. After-tax returns for Class C shares and Class I shares will vary from those shown for Class A shares due to varying sales charges and expenses among the classes.INVESTMENT OBJECTIVEThe Fund seeks to maximize real returns, consistent with prudent investment management.FEES AND EXPENSESThis table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for certain sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund. More information about these and other discounts is available from your financial professional and in &#8220;BUYING, EXCHANGING AND REDEEMING SHARES&#8221; at page 81 of the Prospectus and &#8220;PURCHASE, EXCHANGE &amp; REDEMPTION OF SHARES&#8221; at page 81 of the Fund&#8217;s statement of additional information.<b>Shareholder Fees</b> (fees paid directly from your investment)year-to-date return0.28372013-06-300.1540.15760.0847Best Quarter0.1882003-06-300.02430.05270.1752-0.3645Worst Quarter0.19412008-12-310.1474-0.2109-0.0359<div style="display:none">~ http://www.redmontfunds.com/role/ScheduleAnnualTotalReturnsRedmontResoluteFundIIBarChart column period compact * ~</div>
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-0.0009-0.0009-0.0001<b>Example</b>This example helps you compare the costs of investing in the Fund with the cost of investing in other mutual funds. This example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your cost would be:<b>Number of Years</b><br/><b>You Own Your</b><br/><b>Shares</b>690309118100466437113401145642228524721418You would pay the following expenses if you did not redeem your shares:690209118100466437113401145642228524721418PORTFOLIO TURNOVERThe Fund pays transaction costs, such as commissions, when it buys and sells securities or other instruments (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund&#8217;s performance. During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 117% of the average value of its portfolio.PRINCIPAL INVESTMENT STRATEGIES OF THE FUNDSUMMARY SECTION<br/><br/>ALPS | ALERIAN MLP INFRASTRUCTURE INDEX FUND (THE &#8220;FUND&#8221;)INVESTMENT OBJECTIVEThe Fund seeks investment results that correspond (before fees and expenses) generally to the price and yield performance of its underlying index, the Alerian MLP Infrastructure Index (the &#8220;Index&#8221;).FEES AND EXPENSESSUMMARY SECTION<br/><br/>RIVERFRONT MODERATE GROWTH &amp; INCOME FUND (THE &#8220;FUND&#8221;)INVESTMENT OBJECTIVEThe Fund has two primary investment objectives. It seeks (1) to provide a level of current income that exceeds the average yield on U.S. stocks in general and (2) to provide a growing stream of income over the years.The Fund&#8217;s secondary objective is to provide growth of capital.This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for certain sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund. More information about these and other discounts is available from your financial professional and in &#8220;BUYING, EXCHANGING AND REDEEMING SHARES&#8221; at page 81 of this Prospectus and in &#8220;PURCHASE, EXCHANGE &amp; REDEMPTION OF SHARES&#8221; at page 81 of the Fund&#8217;s statement of additional information.FEES AND EXPENSES OF THE PORTFOLIOThis table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for certain sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund. More information about these and other discounts is available from your financial professional and in &#8220;BUYING, EXCHANGING AND REDEEMING SHARES&#8221; at page 81 of the Prospectus and &#8220;PURCHASE, EXCHANGE &amp; REDEMPTION OF SHARES&#8221; at page 81 of the Fund&#8217;s statement of additional information.You may qualify for certain sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund.50000<b>Shareholder Fees </b>(fees paid directly from your investment)<b>Annual Fund Operating Expenses</b> (expenses that you pay each year as a percentage of the value of your investment)<b>Example</b>This example helps you compare the costs of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same. After one year, the Example does not take into consideration any agreement by the Adviser to waive fees. Although your actual costs may be higher or lower, based on these assumptions your cost would be:The Fund seeks to achieve its investment objective by investing, under normal circumstances, directly or indirectly in a combination of commodity-related equity securities (&#8220;Commodity-Related Equities&#8221;) and commodity futures-linked derivative instruments (&#8220;Commodity Futures-Linked Investments&#8221;) and thereby obtaining exposure to the commodities markets.<br /><br />With respect to the Commodity-Related Equities portion of its portfolio, the Fund will seek to outperform the Thomson Reuters/Jefferies CRB In-The-Ground Global Commodity Equity Index (the &#8220;Commodity Equity Index&#8221;). The Commodity Equity Index is a modified capitalization-weighted, float-adjusted, rules-based index designed to track the overall performance of a global universe of listed companies engaged in the production and distribution of commodities and commodity-related products and services in the agriculture, base/ industrial metals, energy and precious metals sectors. In seeking to outperform the Commodity Equity Index, the Sub-Adviser utilizes both quantitative and fundamental analyses for selecting securities for inclusion in the portfolio. The Fund may purchase American Depositary Receipts (&#8220;ADRs&#8221;) or Global Depositary Receipts (&#8220;GDRs&#8221;), or enter into derivative instruments based on the Commodity-Related Equities in the Commodity Equity Index. The Fund may also from time to time purchase or sell common stock, preferred stock, convertible securities and ETFs not included in the Commodity Equity Index. <br /><br />With respect to the Commodity Futures-Linked Investments portion of its portfolio, the Fund will seek to outperform the Thomson Reuters/Jefferies CRB 3 Month Forward Index (the &#8220;Commodity Futures Index&#8221;), through the use of Commodity Futures-Linked Investments. The Commodity Futures Index is designed to provide a broadly diversified investment in commodities and is currently composed of futures contracts on the following 19 physical commodities: aluminum, cocoa, coffee, copper, corn, cotton, crude oil, gold, heating oil, lean hogs, live cattle, natural gas, nickel, orange juice, silver, soybeans, sugar, unleaded gasoline, and wheat. Commodity Futures-Linked Investments in which the Fund may invest, either directly and/or indirectly through the Subsidiary, a wholly owned subsidiary of the Fund organized under the laws of the Cayman Islands, include commodity futures contracts, commodity swaps, options on commodity futures and commodity-linked notes. The Fund may also from time to time invest in ETFs in seeking to outperform the Commodity Futures Index.<br /><br />The Fund expects to gain exposure to the commodities market indirectly by investing up to 25% of its total assets in the Subsidiary, which is designed to enhance the ability of the Fund to obtain exposure to the commodities market through Commodity Futures-Linked Investments consistent with the limits of the U.S. federal tax law requirements applicable to registered investment companies. The Subsidiary has the same investment objective and is subject to substantially the same investment policies and investment restrictions as the Fund, except that the Subsidiary (unlike the Fund) will not invest in equity securities and may invest without limitation in commodity swaps and other commodity-linked derivative instruments. The Fund and the Subsidiary are advised by the Adviser and Sub-Adviser.<br /><br />The Fund and/or the Subsidiary may invest without limit in investment grade fixed-income securities of varying maturities, including U.S. Treasury inflation-protected securities (&#8220;TIPS&#8221;), other U.S. and foreign government securities, corporate bonds and notes, and affiliated and unaffiliated money market funds, to collateralize its Commodity Futures-Linked Investments and other derivative exposure on a day-to-day basis.<br/><br/>The Sub-Adviser will use its discretion to determine the percentage of the Fund&#8217;s assets allocated to each of the Commodity-Related Equities and Commodity Futures-Linked Investments portions of the Fund&#8217;s portfolio. Generally, the Sub-Adviser will take various factors into account in allocating the assets of the Fund between the Commodity-Related Equities and Commodity Futures-Linked Investments portions of its portfolio, including, but not limited to: <ul type="square"><li>results of proprietary quantitative models developed by the Sub-Adviser;</li><li>the performance of index benchmarks for the Commodity-Related Equities and Commodity Futures-Linked Investments relative to each other;</li><li>relative price differentials for a range of commodity futures for current delivery as compared to similar commodity futures for future delivery; and</li><li>other market conditions.</li></ul>Generally, at least 20% of the Fund&#8217;s investments, either directly or indirectly through the Subsidiary, will be allocated to each respective portion of the portfolio; provided, however, that at times the Sub-Adviser may choose to lower this minimum exposure level and give greater emphasis to Commodity-Related Equities or Commodity Futures-Linked Investments, as the case may be, based on market events such as significant market movements and significant economic events and trends.<b>Shareholder Fees</b> (fees paid directly from your investment)<b>Number of Years<br/>You Own Your<br/>Shares</b>You would pay the following expenses if you did not redeem your shares:PRINCIPAL RISKS OF THE FUNDPORTFOLIO TURNOVERThe Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and, for U.S. federal income tax purposes, may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund&#8217;s performance. During the most recent fiscal year, the Fund&#8217;s portfolio turnover was 108% of the average value of its portfolio.1.08PRINCIPAL INVESTMENT STRATEGIES OF THE FUNDThe Fund is designed for investors seeking current income and the potential for their income level to grow over time. To achieve these objectives the Fund will typically have a substantial allocation to dividend paying stocks; therefore, investors in this portfolio should be able to assume a certain degree of portfolio volatility. Under normal conditions, the Fund is expected to invest between 50% and 70% of its assets invested in a diversified basket of dividend paying stocks, with the balance of the Fund (typically 30-50%) invested in various other income-paying securities, including corporate debt. The fixed-income securities may be of any quality or duration. The Fund may also invest significantly in exchange-traded funds (&#8220;ETFs&#8221;). The portfolio management team may depart from the targeted allocation range when they feel that certain sectors of the financial markets are overvalued or undervalued.PRINCIPAL RISKS OF THE FUNDThe following is a description of the principal risks of the Fund&#8217;s portfolio, which may adversely affect its net asset value and total return. There are other circumstances (including additional risks that are not described here) which could prevent the Fund from achieving its investment objective. It is important to read all the disclosure information provided and to understand that you may lose money by investing in the Fund.<ul type="square"><li><b>Allocation Risk.</b> The performance of the Fund relative to its benchmark will depend largely on the decisions of RiverFront Investment Group, LLC (the &#8220;Sub-Adviser&#8221; or &#8220;RiverFront&#8221;) as to strategic asset allocation and tactical adjustments made to the asset allocation. At times, RiverFront&#8217;s judgments as to the asset classes in which the Fund should invest may prove to be wrong, as some asset classes may perform worse than others or the equity markets generally from time to time or for extended periods of time.</li></ul><ul type="square"><li><b>Managed Portfolio Risk.</b> The manager&#8217;s investment strategies or choice of specific securities may be unsuccessful and may cause the Fund to incur losses.</li></ul><ul type="square"><li><b>Sector and Securities Selection Risk.</b> The performance of the Fund is related to the economic sectors that RiverFront may choose to emphasize or deemphasize from time to time, as well as to the individual securities selected by RiverFront within those sectors. The investment returns for particular economic sectors will fluctuate and may be lower than other sectors. In addition, the individual securities chosen for investment within a particular sector may underperform other securities within that same sector.</li></ul><ul type="square"><li><b>Stock Market Risk.</b> The Fund will invest significantly in common stocks. Stock prices vary and may fall, often in tandem with fluctuations in the overall stock markets, thus reducing the value of the Fund&#8217;s investments. Certain stocks selected for the Fund&#8217;s portfolio may decline in value more than the overall stock markets.</li></ul><ul type="square"><li><b>Interest Rate Risk.</b> The value of the Fund&#8217;s investments in fixed-income securities will generally decrease when interest rates rise, which means the Fund&#8217;s NAV will likewise decrease.</li></ul><ul type="square"><li><b>Credit Risk.</b> The companies in which the Fund may invest may have their credit rating downgraded, fail financially or be unwilling or unable to make timely payments of interest or principal, thereby reducing the value of the Fund&#8217;s portfolio and its income. </li></ul><ul type="square"><li><b>Equity Securities Risk.</b> Equity securities may experience sudden, unpredictable drops in value or long periods of decline in value. This may occur because of factors that affect securities markets generally or factors affecting specific industries, sectors or companies in which the Fund invests.</li></ul><ul type="square"><li><b>Style Investing Risk.</b> To the extent the Fund focuses on a particular style of stocks (such as growth or value), its performance may at times be better or worse than the performance of funds that focus on other types of stocks or that have a broader investment style. Growth stocks, which are characterized by high price-to-earnings ratios, may be more volatile than value stocks with lower price-to-earnings ratios.</li></ul><ul type="square"><li><b>Small-and Mid-Cap Risk.</b> From time to time, the Fund may invest significantly in small-capitalization and mid-capitalization stocks, which are often more volatile and less liquid than investments in larger companies. The frequency and volume of trading in securities of smaller and mid-size companies may be substantially less than is typical of larger companies. Therefore, the securities of smaller and mid-size companies may be subject to greater and more abrupt price fluctuations. In addition, smaller and mid-size companies may lack the management experience, financial resources and product di- versification of larger companies, making them more susceptible to market pressures and business failure.</li></ul><ul type="square"><li><b>ETF Investment Risk.</b> ETFs are investment companies that are bought and sold on a securities exchange. The price of an ETF can fluctuate within a wide range, and the Fund could lose money by investing in an ETF if the prices of the securities owned by the ETF go down. The market price of an ETF&#8217;s shares may trade at a premium or discount to their net asset value, meaning that the Fund could pay more to purchase shares of an ETF, or receive less in a sale of shares of an ETF, than the net asset value of the ETF. ETFs are also subject to potential liquidity risk because an active trading market for an ETF&#8217;s shares may not develop or be maintained, trading of an ETF&#8217;s shares may be halted from time to time, or the shares may be de-listed from the exchange. In addition, the Fund incurs its proportionate shares of the expenses of the ETFs in which it invests, which has the effect of increasing the operating expenses of the Fund and thus the costs of your investment in the Fund.</li></ul><ul type="square"><li><b>High Yield Securities Risk.</b> The Fund may invest in high yield securities. High yield securities generally offer a higher current yield than that available from higher grade issues, but typically involve greater risk. Securities rated below investment grade are commonly referred to as &#8220;junk bonds.&#8221; The ability of issuers of high yield securities to make timely payments of interest and principal may be adversely impacted by adverse changes in general economic conditions, changes in the financial condition of the issuers and price fluctuations in response to changes in interest rates. High yield securities are less liquid than investment grade securities and may be difficult to price or sell, particularly in times of negative sentiment toward high yield securities.</li></ul><ul type="square"><li><b>Foreign Issuer and Emerging Markets Risk.</b> The Fund will invest in securities of foreign issuers, which are subject to certain inherent risks, such as political or economic disruptions or instability of the country of issue, the difficulty of predicting international trade patterns, foreign currency fluctuations, and the possibility of imposition of exchange controls. Such securities may also be subject to greater variations in price than securities of domestic corporations. At times, the prices of foreign stocks and the prices of U.S. stocks have moved in opposite directions. Foreign securities may be less liquid and involve higher transaction costs, as foreign securities markets may be less efficient than U.S. markets. In addition, there may be less publicly available information about a foreign company than about a domestic company. Foreign companies generally are not subject to uniform accounting, auditing and financial reporting standards comparable to those applicable to domestic companies. With respect to certain foreign countries, there is a possibility of expropriation or confiscatory taxation, or diplomatic developments, which could affect investment in those countries.</li></ul>It is important to read all the disclosure information provided and to understand that you may lose money by investing in the Fund.PERFORMANCE INFORMATIONThe following information provides some indication of the risks of investing in the Fund by showing how the Fund&#8217;s performance has varied over time. The bar chart depicts the change in performance from year to year during the periods indicated. The bar chart figures do not include any applicable sales charges that an investor may pay when they buy or sell shares of the Fund. If sales charges were included, the returns would be lower. The table compares the Fund&#8217;s average annual returns for the periods indicated to broad-based securities market indices. The indices are not actively managed and are not available for direct investment. The bar charts and performance tables assume reinvestment of dividends and distributions. The Fund&#8217;s past performance does not necessarily indicate how it will perform in the future. Updated performance information is available on the Fund&#8217;s website at www.alpsfunds.com or by calling 866.759.5679.The following information provides some indication of the risks of investing in the Fund by showing how the Fund&#8217;s performance has varied over time.866.759.5679www.alpsfunds.comThe bar chart figures do not include any applicable sales charges that an investor may pay when they buy or sell shares of the Fund. If sales charges were included, the returns would be lower.The Fund&#8217;s past performance does not necessarily indicate how it will perform in the future.<b>Annual Total Return</b> (years ended 12/31)<br/><b>Class A Shares</b>year-to-date return2013-06-300.0363<div style="display:none">~ http://www.redmontfunds.com/role/ScheduleShareholderFeesRiverFrontDynamicEquityIncomeFund column period compact * ~</div><div style="display:none">~ http://www.redmontfunds.com/role/ScheduleAnnualFundOperatingExpensesRiverFrontDynamicEquityIncomeFund column period compact * ~</div><div style="display:none">~ http://www.redmontfunds.com/role/ScheduleExpenseExampleTransposedRiverFrontDynamicEquityIncomeFund column period compact * ~</div><div style="display:none">~ http://www.redmontfunds.com/role/ScheduleExpenseExampleNoRedemptionTransposedRiverFrontDynamicEquityIncomeFund column period compact * ~</div><div style="display:none">~ http://www.redmontfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedRiverFrontDynamicEquityIncomeFund column period compact * ~</div>Best Quarter2011-12-310.063600Worst Quarter2011-09-30INVESTMENT OBJECTIVE0-0.0913SUMMARY SECTION<br/><br/>CLOUGH CHINA FUND (THE &#8220;FUND&#8221;)After-tax returns are calculated using the historically highest individual U.S. federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your individual tax situation and may differ from those shown in the table below. The after-tax return information shown below does not apply to Fund shares held through a tax-deferred account, such as a 401(k) plan or an IRA.<br/><br/>After-tax returns are only shown for Class A shares of the Fund. After-tax returns for Class C shares and Class I shares will vary from those shown for Class A shares due to varying sales charges and expenses among the classes.Actual after-tax returns depend on your individual tax situation and may differ from those shown in the table below. The after-tax return information shown below does not apply to Fund shares held through a tax-deferred account, such as a 401(k) plan or an IRA.INVESTMENT OBJECTIVEAfter-tax returns are only shown for Class A shares of the Fund. After-tax returns for Class C shares and Class I shares will vary from those shown for Class A shares due to varying sales charges and expenses among the classes.After-tax returns are calculated using the historically highest individual U.S. federal marginal income tax rates and do not reflect the impact of state and local taxes.<b>Average Annual Total Returns</b><br/>(for the period ended December 31, 2012)The Fund seeks to provide investors with long-term capital appreciation.FEES AND EXPENSES OF THE FUNDThis table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for certain sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund. More information about these and other discounts is available from your financial professional and in &#8220;BUYING, EXCHANGING AND REDEEMING SHARES&#8221; at page 81 of the Prospectus and &#8220;PURCHASE, EXCHANGE &amp; REDEMPTION OF SHARES&#8221; at page 81 of the Fund&#8217;s statement of additional information.0.0550.02440.0180.01730.06560.01<b>Shareholder Fees </b>(fees paid directly from your investment)0.03580.03120.02850.0524<b>Annual Fund Operating Expenses</b> (expenses that you pay each year as a percentage of the value of your investment)The Fund seeks to achieve long-term growth and income through a combination of capital appreciation and rising dividend payments that exceeds the average yield on global stocks generally.<b>Example</b>0.01This example helps you compare the costs of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same. After one year, the Example does not take into consideration any agreement by the Adviser to waive fees. Although your actual costs may be higher or lower, based on these assumptions your cost would be:FEES AND EXPENSES OF THE PORTFOLIO<b>Number of Years You<br/>Own Your Shares</b>You would pay the following expenses if you did not redeem your shares:PORTFOLIO TURNOVERThe Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). For U.S. federal income tax purposes, a higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund&#8217;s performance. During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 221% of the average value of its portfolio.PRINCIPAL INVESTMENT STRATEGIES OF THE FUNDTo pursue its objective, the Fund normally invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities of companies that:<ul type="square"><li>are organized under the laws of China, Hong Kong or Taiwan;</li><li>are primarily traded on the China, Hong Kong or Taiwan exchanges; or</li><li>derive at least 50% of their revenues from business activities in China, Hong Kong or Taiwan, but which are listed and traded elsewhere.</li></ul>Equity securities in which the Fund may invest include common stocks, preferred stocks, securities convertible into common stocks, depository receipts, exchange traded funds (&#8220;ETFs&#8221;), rights and warrants. The Fund may invest in securities of all market capitalizations, including companies in emerging markets.PRINCIPAL RISKS OF THE FUND0.08670.160.10130.0630.12720.09172010-08-022010-08-022010-08-022010-08-022010-08-02The following is a description of the principal risks of the Fund&#8217;s portfolio, which may adversely affect its net asset value and total return. There are other circumstances (including additional risks that are not described here) which could prevent the Fund from achieving its investment objective. It is important to read all the disclosure information provided and to understand that you may lose money by investing in the Fund.<ul type="square"><li><b>Stock Market Risk.</b> The value of equity securities in the Fund&#8217;s portfolio will fluctuate and, as a result, the Fund&#8217;s share price may decline suddenly or over a sustained period of time.</li></ul><ul type="square"><li><b>Managed Portfolio Risk.</b> The manager&#8217;s investment strategies or choice of specific securities may be unsuccessful and may cause the Fund to incur losses.</li></ul><ul type="square"><li><b>Non-U.S. Securities Risk.</b> Non-U.S. securities are subject to the risks of foreign currency fluctuations, generally higher volatility and lower liquidity than U.S. securities, less developed securities markets and economic systems and political and economic instability.</li></ul><ul type="square"><li><b>Geographic Risk.</b> Investing in China, Hong Kong and Taiwan involves risk and considerations not present when investing in more established securities markets. The Fund may be more susceptible to the economic, market, political and local risks of these regions than a fund that is more geographically diversified.</li></ul><ul type="square"><li><b>Emerging Markets Risk.</b> To the extent that the Fund invests in issuers located in emerging markets, the risk may be heightened by political changes and changes in taxation or currency controls that could adversely affect the values of these investments. Emerging markets have been more volatile than the markets of developed countries with more mature economies.</li></ul><ul type="square"><li><b>Currency Risk.</b> The value of the Fund&#8217;s investments may fall as a result of changes in exchange rates.</li></ul><ul type="square"><li><b>Diversification Risk.</b> The Fund is &#8220;non-diversified,&#8221; which means that it may own larger positions in a smaller number of securities than funds that are &#8220;diversified.&#8221; This means that an increase or decrease in the value of a single security likely will have a greater impact on the Fund&#8217;s net asset value and total return than a diversified fund.</li></ul><ul type="square"><li><b>Industry and Sector Risk.</b> The Fund may focus its investments in certain industries within certain sectors, which may cause the Fund&#8217;s performance to be susceptible to the economic, business, or other developments that affect those industries or sectors. Although the Fund does not intend to invest in a particular industry or sector, the Fund may, from time to time, emphasize investments in one or more industries or sectors.</li></ul><ul type="square"><li><b>Small Company Risk.</b> While small-cap companies may offer greater potential for capital appreciation than larger and more established companies, they may also involve greater risk of loss and price fluctuation. The trading markets for securities of small-cap issuers tend to be less liquid and more volatile than securities of larger companies. This means that the Fund could have greater difficulty buying or selling a security of a small-cap issuer at an acceptable price, especially in periods of market volatility.</li></ul><ul type="square"><li><b>Government Relationship Risk.</b> While companies in China may be subject to limitations on their business relationships under Chinese law, these laws may not be consistent with certain political and security concerns of the U.S. As a result, Chinese companies may have material direct or indirect business relationships with governments that are considered state sponsors of terrorism by the U.S. government, or governments that otherwise have policies in conflict with the U.S. government (an &#8220;Adverse Government&#8221;). If the Fund invests in companies that have or develop a material business relationship with an Adverse Government, then the Fund will be subject to the risk that these companies&#8217; reputation and price in the market will be adversely affected.</li></ul>PERFORMANCE INFORMATIONThe following information provides some indication of the risks of investing in the Fund by showing how the Fund&#8217;s performance has varied over time. The performance shown for Class A Shares, Class C Shares and Class I Shares for periods prior to January 15, 2010, reflects the performance of the Old Mutual China Fund&#8217;s Class A Shares, Class C Shares and Class I Shares (as result of a prior reorganization of Old Mutual China Fund&#8217;s Class A Shares, Class C Shares and Class I Shares into the Fund&#8217;s Class A Shares, Class C Shares and Class I Shares), without the effect of any fee and expense limitations or waivers. If Class A Shares, Class C Shares and Class I Shares of the Fund had been available during periods prior to January 15, 2010, the performance shown may have been different.<br/><br/>The bar chart depicts the change in performance from year to year during the periods indicated. The bar chart figures do not include any applicable sales charges that an investor may pay when they buy or sell shares of the Fund. If sales charges were included, the returns would be lower. The table compares the Fund&#8217;s average annual returns for the periods indicated to a broad-based securities market index. The index is not actively managed and is not available for direct investment. The bar charts and performance tables assume reinvestment of dividends and distributions. The Fund&#8217;s past performance does not necessarily indicate how it will perform in the future. Updated performance information is available on the Fund&#8217;s website at www.alpsfunds.com or by calling 866.759.5679.<b>Annual Fund Operating Expenses</b> (expenses that you pay each year as a percentage of the value of your investment)<b>Annual Total Return </b>(years ended 12/31)<br/><b>Class A Shares</b>0.0070.0070.007After-tax returns are calculated using distributions for the Old Mutual China Fund &#8211; Class A Shares for periods prior to January 15, 2010. If Class A Shares of the Fund had been available during these earlier periods, distributions may have been different and thus, after-tax returns may have been different from those shown. After-tax returns are calculated using the historically highest individual U.S. federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your individual tax situation and may differ from those shown in the table below. The after-tax return information shown below does not apply to Fund shares held through a tax-deferred account, such as a 401(k) plan or an IRA.<br/><br/>After-tax returns are only shown for Class A Shares of the Fund. After-tax returns for Class C Shares and Class I Shares will vary from those shown for Class A Shares due to varying sales charges and expenses among the classes.0.00250.00750<b>Average Annual Total Returns</b><br/>(for the period ended December 31, 2012)0.00540.00640.0039The following is a description of the principal risks of the Fund&#8217;s portfolio that may adversely affect its net asset value and total return. There are other circumstances (including additional risks that are not described here) which could prevent the Fund from achieving its investment objective. It is important to read all of the disclosure information provided and to understand that you may lose money by investing in the Fund. <ul type="square"><li><b>Commodity Risk.</b> The Fund&#8217;s investments in Commodity-Related Equities and Commodity Futures-Linked Investments may subject the Fund to significantly greater volatility than investments in traditional securities and involve substantial risks, including risk of a significant portion on their principal value. The commodities markets and the prices of various commodities may fluctuate widely based on a variety of factors. Because the Fund&#8217;s performance is linked to the performance of highly volatile commodities, investors should consider purchasing shares of the Fund only as part of an overall diversified portfolio and should be willing to assume the risks of potentially significant fluctuations in the value of the Fund.</li><li><b>Risks of Investing in Commodity Futures-Linked Investments and Leverage Risk.</b> Commodity Futures-Linked Investments are subject to the risk that the market value of the commodity-linked derivative itself or the market value of the underlying instrument will change in a way adverse to the Fund&#8217;s interests. In addition, such instruments may experience potentially dramatic price changes (losses) and imperfect correlations between the price of the contract and the underlying commodity or index. As a result, the Fund may incur larger losses or smaller gains than otherwise would be the case if the Fund invested directly in the underlying commodity futures or physical commodities. A highly liquid secondary market may not exist for certain Commodity Futures- Linked Investments, and there can be no assurance that one will develop. Certain derivative transactions may give rise to a form of leverage. Leverage magnifies the potential for gain and the risk of loss. Leveraging may cause the Fund to liquidate portfolio positions to satisfy its obligations or to meet segregation requirements when it may not be advantageous to do so.</li><li><b> Counterparty Risk.</b> In connection with the Fund&#8217;s direct and indirect investments in Commodity Futures-Linked Investments, the Fund will attempt to manage its counterparty exposure so as to limit its exposure to any one counterparty. However, due to the limited number of entities that may serve as counterparties (and which the Fund believes are creditworthy) at any one time the Fund may enter into Commodity-Linked Derivative transactions with a limited number of counterparties or issued by a limited number of issuers that will act as counterparties, which may increase the Fund&#8217;s exposure to counterparty credit risk.</li><li><b>Equity Risk.</b> The values of equity securities in the Fund will fluctuate and, as a result, the Fund&#8217;s share price may decline suddenly or over a sustained period of time. The Fund invests in equity securities of companies engaged in the production and distribution of commodities and commodity-related products and services in the agriculture, base/industrial metals, energy and precious metals sectors and does not measure the performance of direct investment in the underlying commodities and, therefore, may not move in the same direction and to the same extent as the underlying commodities.</li><li><b>Small- to Mid-Capitalization Companies Risk.</b> The Fund&#8217;s investments in securities of companies with small- to mid-sized market capitalizations can present higher risks than do investments in securities of larger companies. Prices of such securities can be more volatile than the securities of larger capitalization firms and can be more thinly traded. This may result in such securities being less liquid.</li><li><b>Subsidiary Risk.</b> By investing in the Subsidiary, the Fund is indirectly exposed to the risks associated with the Subsidiary&#8217;s investments. In addition, the Subsidiary is not registered under the Investment Company Act of 1940, as amended (the &#8220;1940 Act&#8221;), and, unless otherwise noted in this Prospectus, is not subject to all of the investor protections of the 1940 Act. In addition, changes in the laws of the United States and/or the Cayman Islands could result in the inability of the Fund and/or the Subsidiary to operate as described in this Prospectus and the statement of additional information and could adversely affect the Fund.</li><li><b>Tax Risk.</b> The Fund is limited in its ability to derive qualifying income from direct investment in Commodity Futures-Linked Investments. Based on the analysis in private letter rulings previously issued to other taxpayers, the Fund intends to treat its income from Commodity Futures-Linked Investments and the Subsidiary as qualifying income. However, a private letter ruling is binding on the Internal Revenue Service (&#8220;IRS&#8221;) only for the taxpayer that receives it and the Fund has not obtained and does not presently expect to request such a private letter ruling from the IRS. The IRS has suspended the issuance of private letter rulings concerning these issues and there can be no assurance that the IRS will not change its position with respect to some or all of these issues or if the IRS did so, that a court would not sustain the IRS&#8217;s position.</li><li><b>Credit Risk.</b> The companies in which the Fund may invest may have their credit rating downgraded, fail financially or be unwilling or unable to make timely payments of interest or principal, thereby reducing the value of the Fund&#8217;s portfolio and its income.</li><li><b>Interest Rate Risk.</b> The Fund&#8217;s investments in fixed income securities may decline in value because of changes in interest rates. As nominal interest rates rise, the value of fixed income securities held by the Fund are likely to decrease.</li><li><b>Risks of Investing in Inflation-Protected Securities.</b> The value of inflation-protected securities such as TIPS generally fluctuates in response to changes in real interest rates, which are in turn tied to the relationship between nominal interest rates and the rate of inflation. Therefore, if inflation were to rise at a faster rate than nominal interest rates, real interest rates might decline, leading to an increase in value of TIPS and vice versa. In contrast, if nominal interest rates increased at a faster rate than inflation, real interest rates might rise, leading to a decrease in value of TIPS.</li><li><b>Risk of Investing in Other Investment Companies.</b> To the extent the Fund invests in other investment companies, such as ETFs, the Fund&#8217;s shareholders will incur certain duplicative fees and expenses, including investment advisory fees. The return on such investments will be reduced by the operating expenses, including investment advisory and administration fees, of such investment funds, and will be further reduced by Fund expenses, including management fees; that is, there will be a layering of certain fees and expenses.</li><li><b>Nondiversification Risk.</b> The Fund is classified as non-diversified. As a result, an increase or decrease in the value of a single security may have a greater impact on the Fund&#8217;s NAV and total return. Being non-diversified may also make the Fund more susceptible to financial, economic, political or other developments that may impact a security. Although the Fund may from time to time satisfy the requirements for a diversified fund, its non-diversified classification gives the Fund&#8217;s portfolio managers more flexibility to hold larger positions in a smaller number of securities than a fund that is classified as diversified.</li><li><b>Non-U.S. Securities Risk.</b> Non-U.S. securities are subject to the risks of foreign currency fluctuations, generally higher volatility and lower liquidity than U.S. securities, less developed securities markets and economic systems and political and economic instability.</li><li><b>Emerging Markets Risk.</b> To the extent that the Fund invests in issuers located in emerging markets, the risk may be heightened by political changes and changes in taxation or currency controls that could adversely affect the values of these investments. Emerging markets have been more volatile than the markets of developed countries with more mature economies.</li><li><b>Managed Portfolio Risk.</b> The manager&#8217;s investment strategies or choice of specific securities may be unsuccessful and may cause the Fund to incur losses.</li><li><b>Currency Risk.</b> The risk that fluctuations in exchange rates between the U.S. dollar and non-U.S. currencies may cause the value of the Fund&#8217;s non-U.S. investments to decline in terms of U.S. dollars. Additionally, certain of the Fund&#8217;s foreign currency transactions may give rise to ordinary income or loss to the extent such income or loss results from fluctuations in the value of the foreign currency.</li></ul>0.00150.00250PERFORMANCE INFORMATION0.00390.00390.0039The following information provides some indication of the risks of investing in the Fund by showing how the Fund&#8217;s performance has varied over time. The bar chart depicts the change in performance from year to year during the periods indicated. The bar chart figures do not include any applicable sales charges that an investor may pay when they buy or sell shares of the Fund. If sales charges were included, the returns would be lower. The table compares the Fund&#8217;s average annual returns for the periods indicated to broad-based securities market indices. The indices are not actively managed and are not available for direct investment. The bar charts and performance tables assume reinvestment of dividends and distributions. The Fund&#8217;s past performance does not necessarily indicate how it will perform in the future. Updated performance information is available on the Fund&#8217;s website at www.alpsfunds.com or by calling 866.759.5679.This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for certain sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund. More information about these and other discounts is available from your financial professional and in &#8220;BUYING, EXCHANGING AND REDEEMING SHARES&#8221; at page 81 of the Prospectus and &#8220;PURCHASE, EXCHANGE &amp; REDEMPTION OF SHARES&#8221; at page 81 of the Fund&#8217;s statement of additional information.0000.01490.02090.0109-0.0024-0.0024-0.0024000.01250.01850.0085<b>Annual Total Return</b> (years ended 12/31)<br/><b>Class A Shares</b>012.0012.0012.00-0.02-0.02-0.02-0.0535-0.00790.00470.08440.0556863191180.010.01After-tax returns are calculated using the historically highest individual U.S. federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your individual tax situation and may differ from those shown in the table below. The after-tax return information shown below does not apply to Fund shares held through a tax-deferred account, such as a 401(k) plan or an IRA.<br/><br/>After-tax returns are only shown for Class A shares of the Fund. After-tax returns for Class C shares and Class I shares will vary from those shown for Class A shares due to varying sales charges and expenses among the classes.101972541913761258743<b>Shareholder Fees</b> (fees paid directly from your investment)6862191180010197254190137612587430.055237627141657<b>Example</b>0.010.01This example is intended to help you compare the costs of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your cost would be:237627141657670288879736323230.00850.00850.0085<b>Annual Fund Operating Expenses</b> (expenses that you pay each year as a percentage of the value of your investment)0.00250.007500.01350.01350.01350.00850.00850.00850.00290.00540.00290.00250.007500.00250.007500.00540.00840.005900.002500.00460.00710.00460.00290.00290.002900.002500.00540.00590.00590.00260.00260.002600.002500.01650.0240.0140.00460.00460.0046-0.0024-0.0024-0.00240.00280.00280.00280.00010.00010.00010.01410.02160.01160.01840.02590.01590.02150.02950.0195-0.0041-0.0041-0.0041<b>Average Annual Total Returns</b><br/>(for the period ended December 31, 2012)0.01430.02180.01180.01960.02710.0171-0.0019-0.0024-0.0024670-0.0625-0.0663-0.0401-0.0236-0.0048-0.0328-0.01060.06350.04410.04360.09070.08190.05870.047188872010-06-292010-06-292010-06-292010-06-292010-06-290000.0550.010.01<b>Example </b>This example helps you compare the costs of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same. After one year, the Example does not take into consideration any agreement by the Adviser to waive fees. Although your actual costs may be higher or lower, based on these assumptions your cost would be:<b>Number of Years</b><br/><b>You Own Your</b><br/><b>Shares</b>973632323688321120105976646214541338827255528901852PORTFOLIO TURNOVERThe Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and, for U.S. federal income tax purposes, may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund&#8217;s performance. For the period December 31, 2012 (inception) to April 30, 2013, the Fund&#8217;s portfolio turnover was 3% of the average value of its portfolio.PRINCIPAL INVESTMENT STRATEGIES OF THE FUNDYou may qualify for certain sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund.50000You would pay the following expenses if you did not redeem your shares:2216881201059766462145413388272555289018527383741741169890589162415311029287932492252PORTFOLIO TURNOVERThe Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and, for U.S. federal income tax purposes, may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund&#8217;s performance. During the most recent fiscal year, the Fund&#8217;s portfolio turnover was 136% of the average value of its portfolio.PRINCIPAL INVESTMENT STRATEGIES OF THE FUNDThe Fund employs a &#8220;passive management&#8221; - or indexing - investment approach designed to track the performance of the Index. The Index is a rules based, modified capitalization weighted, float adjusted index intended to give investors a means of tracking the overall performance of the United States energy infrastructure Master Limited Partnership (&#8220;MLP&#8221;) asset class. The Index was developed by Alerian, a leading provider of objective MLP benchmarks, data and analytics. The Index is comprised of 25 energy infrastructure MLPs that earn a majority of their cash flow from the transportation and storage of energy commodities. As of June 30, 2013, the U.S. dollar-denominated market capitalizations of the Index Components ranged from approximately $2 billion to approximately $57 billion.<br/><br/>The Fund will normally invest at least 90% of its total net assets in securities that comprise the Index (or depositary receipts based on such securities). Under normal conditions, the Fund generally will invest in all of the securities that comprise the Index in proportion to their weightings in the Index; however, under various circumstances, it may not be possible or practicable to purchase all of the securities in the Index in those weightings. In those circumstances, the Fund may purchase a sample of the securities in the Index or utilize various combinations of other available investment techniques in seeking performance which corresponds to the performance of the Index.<br/><br/>MLPs are publicly traded partnerships engaged in the transportation, storage and processing of minerals and natural resources. By confining their operations to these specific activities, their interests, or units, are able to trade on public securities exchanges exactly like the shares of a corporation, without entity level taxation. Of the seventy MLPs eligible for inclusion in the Index, approximately two-thirds trade on the New York Stock Exchange (&#8220;NYSE&#8221;) and the rest trade on the NASDAQ Stock Market (&#8220;NASDAQ&#8221;).<br/><br/>To qualify as an MLP and to not be taxed as a corporation, a partnership must receive at least 90% of its income from qualifying sources as set forth in Section 7704(d) of the Internal Revenue Code of 1986, as amended (the &#8220;Code&#8221;). These qualifying sources include natural resource-based activities such as the processing, transportation and storage of mineral or natural resources. MLPs generally have two classes of owners, the general partner and limited partners. The general partner of an MLP is typically owned by a major energy company, an investment fund, the direct management of the MLP, or is an entity owned by one or more of such parties. The general partner may be structured as a private or publicly traded corporation or other entity. The general partner typically controls the operations and management of the MLP through an up to 2% equity interest in the MLP plus, in many cases, ownership of common units and subordinated units. Limited partners typically own the remainder of the partnership, through ownership of common units, and have a limited role in the partnership&#8217;s operations and management.<br/><br/>MLPs are typically structured such that common units and general partner interests have first priority to receive quarterly cash distributions up to an established minimum amount (&#8220;minimum quarterly distributions&#8221; or &#8220;MQD&#8221;). Common and general partner interests also accrue arrearages in distributions to the extent the MQD is not paid. Once common and general partner interests have been paid, subordinated units receive distributions of up to the MQD; however, subordinated units do not accrue arrearages. Distributable cash in excess of the MQD is paid to both common and subordinated units and is distributed to both common and subordinated units generally on a pro rata basis. The general partner is also eligible to receive incentive distributions if the general partner operates the business in a manner which results in distributions paid per common unit surpassing specified target levels. As the general partner increases cash distributions to the limited partners, the general partner receives an increasingly higher percentage of the incremental cash distributions.The Fund is designed for investors seeking current income and the potential for their income level to grow over time, while managing risk through a combination of capital appreciation and rising dividend payments that exceeds the average yield on global stocks generally. To achieve these objectives the Fund will typically have a substantial allocation to dividend paying stocks; therefore, investors in this Fund should be able to assume a certain degree of portfolio volatility. Under normal conditions, the portfolio is expected to have between 60% and 90% of its assets invested in a diversified basket of dividend paying stocks, with the balance of the Fund (typically 10%-40%) invested in various other income-paying securities, including corporate debt. The fixed-income securities may be of any quality or duration. The Fund may also invest significantly in exchange-traded funds (&#8220;ETFs&#8221;). The portfolio management team may depart from the targeted allocation range when they feel that certain sectors of the financial markets are overvalued or undervalued.August 31, 2014PRINCIPAL RISKS OF THE FUNDPRINCIPAL RISKS OF THE FUND1.171747382741169890589It is important to read all of the disclosure information provided and to understand that you may lose money by investing in the Fund.162415311029324928792252If you invest $1 million or more, either as a lump sum or through the Fund&#8217;s accumulation or letter of intent programs, you can purchase Class A shares without an initial sales charge (load); however, a Contingent Deferred Sales Charge (&#8220;CDSC&#8221;) of 1.00% may apply to Class A shares redeemed within the first 18 months after a purchase in excess of $1 million.A Contingent Deferred Sales Charge (&#8220;CDSC&#8221;) of 1.00% may apply to Class C shares redeemed within the first 12 months after a purchase.<ul type="square"><li><b>Nondiversification Risk.</b> The Fund is classified as non-diversified. As a result, an increase or decrease in the value of a single security may have a greater impact on the Fund&#8217;s NAV and total return. Being non-diversified may also make the Fund more susceptible to financial, economic, political or other developments that may impact a security. Although the Fund may from time to time satisfy the requirements for a diversified fund, its non-diversified classification gives the Fund&#8217;s portfolio managers more flexibility to hold larger positions in a smaller number of securities than a fund that is classified as diversified.</li></ul>August 31, 2014The following information provides some indication of the risks of investing in the Fund by showing how the Fund&#8217;s performance has varied over time.<div style="display:none">~ http://www.redmontfunds.com/role/ScheduleAnnualTotalReturnsRiverFrontModerateGrowthIncomeFundBarChart column period compact * ~</div>
The bar chart figures do not include any applicable sales charges that an investor may pay when they buy or sell shares of the Fund. If sales charges were included, the returns would be lower.0.78550.4873The following is a description of the principal risks of the Fund&#8217;s portfolio, which may adversely affect its net asset value and total return. There are other circumstances (including additional risks that are not described here) which could prevent the Fund from achieving its investment objective. It is important to read all the disclosure information provided and to understand that you may lose money by investing in the Fund.<ul type="square"><li> <b>Allocation Risk</b>. The performance of the Fund relative to its benchmark will depend largely on the decisions of RiverFront Investment Group, LLC (the &#8220;Sub-Adviser&#8221; or &#8220;RiverFront&#8221;) as to strategic asset allocation and tactical adjustments made to the asset allocation. At times, RiverFront&#8217;s judgments as to the asset classes in which the Fund should invest may prove to be wrong, as some asset classes may perform worse than others or the equity markets generally from time to time or for extended periods of time.</li></ul><ul type="square"><li> <b>Managed Portfolio Risk.</b> The manager&#8217;s investment strategies or choice of specific securities may be unsuccessful and may cause the Fund to incur losses.</li></ul><ul type="square"><li> <b>Sector and Securities Selection Risk.</b> The performance of the Fund is related to the economic sectors that RiverFront may choose to emphasize or deemphasize from time to time, as well as to the individual securities selected by RiverFront within those sectors. The investment returns for particular economic sectors will fluctuate and may be lower than other sectors. In addition, the individual securities chosen for investment within a particular sector may underperform other securities within that same sector.</li></ul><ul type="square"><li> <b>Stock Market Risk.</b> The Fund will invest significantly in common stocks. Stock prices vary and may fall, often in tandem with fluctuations in the overall stock markets, thus reducing the value of the Fund&#8217;s investments. Certain stocks selected for the Fund&#8217;s portfolio may decline in value more than the overall stock markets.</li></ul><ul type="square"><li> <b>Interest Rate Risk.</b> The value of the Fund&#8217;s investments in fixed-income securities will generally decrease when interest rates rise, which means the Fund&#8217;s NAV will likewise decrease.</li></ul><ul type="square"><li> <b>Credit Risk</b>. The companies in which the Fund may invest may have their credit rating downgraded, fail financially or be unwilling or unable to make timely payments of interest or principal, thereby reducing the value of the Fund&#8217;s portfolio and its income. </li></ul><ul type="square"><li> <b>Equity Securities Risk.</b> Equity securities may experience sudden, unpredictable drops in value or long periods of decline in value. This may occur because of factors that affect securities markets generally or factors affecting specific industries, sectors or companies in which the Fund invests.</li></ul><ul type="square"><li> <b>Style Investing Risk.</b> To the extent the Fund focuses on a particular style of stocks (such as growth or value), its performance may at times be better or worse than the performance of funds that focus on other types of stocks or that have a broader investment style. Growth stocks, which are characterized by high price-to-earnings ratios, may be more volatile than value stocks with lower price-to-earnings ratios.</li></ul><ul type="square"><li> <b>Small- and Mid-Cap Risk.</b> From time to time, the Fund may invest significantly in small-capitalization and mid-capitalization stocks, which are often more volatile and less liquid than investments in larger companies. The frequency and volume of trading in securities of smaller and mid-size companies may be substantially less than is typical of larger companies. Therefore, the securities of smaller and mid-size companies may be subject to greater and more abrupt price fluctuations. In addition, smaller and mid-size companies may lack the management experience, financial resources and product diversification of larger companies, making them more susceptible to market pressures and business failure.</li></ul><ul type="square"><li> <b>ETF Investment Risk</b>. ETFs are investment companies that are bought and sold on a securities exchange. The price of an ETF can fluctuate within a wide range, and the Fund could lose money by investing in an ETF if the prices of the securities owned by the ETF go down. The market price of an ETF&#8217;s shares may trade at a premium or discount to their net asset value, meaning that the Fund could pay more to purchase shares of an ETF, or receive less in a sale of shares of an ETF, than the net asset value of the ETF. ETFs are also subject to potential liquidity risk because an active trading market for an ETF&#8217;s shares may not develop or be maintained, trading of an ETF&#8217;s shares may be halted from time to time, or the shares may be de-listed from the exchange. In addition, the Fund incurs its proportionate shares of the expenses of the ETFs in which it invests, which has the effect of increasing the operating expenses of the Fund and thus the costs of your investment in the Fund.</li></ul><ul type="square"><li> <b>High Yield Securities Risk.</b> The Fund may invest in high yield securities. High yield securities generally offer a higher current yield than that available from higher grade issues, but typically involve greater risk. Securities rated below investment grade are commonly referred to as &#8220;junk bonds.&#8221; The ability of issuers of high yield securities to make timely payments of interest and principal may be adversely impacted by adverse changes in general economic conditions, changes in the financial condition of the issuers and price fluctuations in response to changes in interest rates. High yield securities are less liquid than investment grade securities and may be difficult to price or sell, particularly in times of negative sentiment toward high yield securities.</li></ul><ul type="square"><li> <b>Foreign Issuer and Emerging Markets Risk.</b> The Fund will invest in securities of foreign issuers, which are subject to certain inherent risks, such as political or economic disruptions or instability of the country of issue, the difficulty of predicting international trade patterns, foreign currency fluctuations, and the possibility of imposition of exchange controls. Such securities may also be subject to greater variations in price than securities of domestic corporations. At times, the prices of foreign stocks and the prices of U.S. stocks have moved in opposite directions. Foreign securities may be less liquid and involve higher transaction costs, as foreign securities markets may be less efficient than U.S. markets. In addition, there may be less publicly available information about a foreign company than about a domestic company. Foreign companies generally are not subject to uniform accounting, auditing and financial reporting standards comparable to those applicable to domestic companies. With respect to certain foreign countries, there is a possibility of expropriation or confiscatory taxation, or diplomatic developments, which could affect investment in those countries.</li></ul>-0.46810.65120.1156PERFORMANCE INFORMATION-0.18360.238The following information provides some indication of the risks of investing in the Fund by showing how the Fund&#8217;s performance has varied over time. The bar chart depicts the change in performance from year to year during the periods indicated. The bar chart figures do not include any applicable sales charges that an investor may pay when they buy or sell shares of the Fund. If sales charges were included, the returns would be lower. The table compares the Fund&#8217;s average annual returns for the periods indicated to broad-based securities market indices. The indices are not actively managed and are not available for direct investment. The bar charts and performance tables assume reinvestment of dividends and distributions. The Fund&#8217;s past performance does not necessarily indicate how it will perform in the future. Updated performance information is available on the Fund&#8217;s website at www.alpsfunds.com or by calling 866.759.5679.<b>Annual Total Return </b> (years ended 12/31)<br/><b>Class A Shares </b>www.alpsfunds.com866.759.56790.17010.16990.11090.2190.24190.2275After-tax returns are calculated using the historically highest individual U.S. federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your individual tax situation and may differ from those shown in the table below. The after-tax return information shown below does not apply to Fund shares held through a tax-deferred account, such as a 401(k) plan or an IRA.<br/><br/>After-tax returns are only shown for Class A shares of the Fund. After-tax returns for Class C shares and Class I shares will vary from those shown for Class A shares due to varying sales charges and expenses among the classes.The Fund&#8217;s past performance does not necessarily indicate how it will perform in the future.-0.0132-0.0147-0.0120.00960.0021-0.0351<b>Average Annual Total Returns </b><br/>(for the period ended December 31, 2012)0.04230.0360.02930.085After-tax returns are calculated using the historically highest individual U.S. federal marginal income tax rates and do not reflect the impact of state and local taxes.0.13890.12640.11640.13960.15330.1425Actual after-tax returns depend on your individual tax situation and may differ from those shown in the table below. The after-tax return information shown below does not apply to Fund shares held through a tax-deferred account, such as a 401(k) plan or an IRA.0.04840.04440.03970.0652005-12-302005-12-302005-12-302005-12-302005-12-30After-tax returns are only shown for Class A shares of the Fund. After-tax returns for Class C shares and Class I shares will vary from those shown for Class A shares due to varying sales charges and expenses among the classes.0.10650.16130.07590.0814year-to-date return2013-06-30-0.1004Best Quarter2011-03-310.1114Worst Quarter2011-09-30-0.1604SUMMARY SECTION<br/><br/>ALPS | RED ROCKS LISTED PRIVATE EQUITY FUND (THE &#8220;FUND&#8221;)INVESTMENT OBJECTIVEThe Fund seeks to maximize total return, which consists of appreciation on its investments and a variable income stream.FEES AND EXPENSES OF THE PORTFOLIOThis table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for certain sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund. More information about these and other discounts is available from your financial professional and in &#8220;BUYING, EXCHANGING AND REDEEMING SHARES&#8221; at page 81 of the Prospectus and &#8220;PURCHASE, EXCHANGE &amp; REDEMPTION OF SHARES&#8221; at page 81 of the Fund&#8217;s statement of additional information.2010-08-022010-08-022010-08-022010-08-022010-08-02<b>Shareholder Fees</b> (fees paid directly from your investment)<b>Annual Fund Operating Expenses</b> (expenses that you pay each year as a percentage of the value of your investment)<b>Example </b>This example is intended to help you compare the costs of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:<b>Number of Years <br/>You Own Your <br/>Shares</b><b>Number of Years <br/>You Own Your <br/>Shares</b><br/>You would pay the following expenses if you did not redeem your shares:PORTFOLIO TURNOVERThe Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). For U.S. federal income tax purposes, a higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund&#8217;s performance. During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 32% of the average value of its portfolio.PRINCIPAL INVESTMENT STRATEGIES OF THE FUNDBest Quarter &#150;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;December 31, 2011&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.36%<br/> Worst Quarter &#150;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;September 30, 2011&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-9.13%<br/><br/>The Fund&#8217;s Class A share year-to-date return as of June 30, 2013 was 3.63%.To achieve its objective, the Fund will invest at least 80% of its net assets in (i) securities of U.S. and non-U.S. companies, including those in emerging markets, listed on a national securities exchange, or foreign equivalent, that have a majority of their assets invested in or exposed to private companies or have as their stated intention to have a majority of their assets invested in or exposed to private companies (&#8220;Listed Private Equity Companies&#8221;) and (ii) derivatives, including options, futures, forwards, swap agreements and participation notes, that otherwise have the economic characteristics of Listed Private Equity Companies. Although the Fund does not invest directly in private companies, it will be managed with a similar approach: identifying and investing in long-term, high-quality Listed Private Equity Companies. <br/><br/>Listed Private Equity Companies may include, among others, business development companies, investment holding companies, publicly traded limited partnership interests (common units), publicly traded venture capital funds, publicly traded venture capital trusts, publicly traded private equity funds, publicly traded private equity investment trusts, publicly traded closed-end funds, publicly traded financial institutions that lend to or invest in privately held companies and any other publicly traded vehicle whose purpose is to invest in privately held companies. The determination of whether a company is a Listed Private Equity Company will be made at the time of purchase and a portfolio company&#8217;s status will not vary solely as a result of fluctuations in the value of its assets or as a result of the progression of its holdings through the normal stages of a private equity company, including the exit stage. A portfolio company is considered to have a stated intention of investing primarily in private companies if it meets the criteria above under normal circumstances, notwithstanding temporary fluctuations in the public/private values of its private equity portfolio. The inclusion of a company in a recognized Listed Private Equity index will be considered a primary factor in the determination of whether a company is a Listed Private Equity Company. <br/><br/>The Sub-Adviser selects investments from the Listed Private Equity Company universe pursuant to a proprietary selection methodology using quantitative and qualitative historical results and commonly used financial measurements such as: price-to-book, price-to-sales, price-to-earnings, return on equity and balance sheet analysis. In addition, the Sub-Adviser observes the depth and breadth of company management, including management turnover. Lastly, the Sub-Adviser looks to allocate the portfolio directly and indirectly amongst industry sectors, geographic locations, stage of investment and the year in which the private equity firm or fund makes a commitment or an investment in a fund, asset or business (&#8220;vintage year&#8221;).PRINCIPAL RISKS OF THE FUNDThe following is a description of the principal risks of the Fund&#8217;s portfolio, which may adversely affect its net asset value and total return. There are other circumstances (including additional risks that are not described here) which could prevent the Fund from achieving its investment objective. It is important to read all the disclosure information provided and to understand that you may lose money by investing in the Fund.<ul type="square"><li><b> Stock Market Risk.</b> The value of equity securities in the Fund&#8217;s portfolio will fluctuate and, as a result, the Fund&#8217;s share price may decline suddenly or over a sustained period of time. </li></ul><ul type="square"><li><b> Managed Portfolio Risk.</b> The manager&#8217;s investment strategies or choice of specific securities may be unsuccessful and may cause the Fund to incur losses. </li></ul><ul type="square"><li><b> Private Equity Risk.</b> In addition to the risks associated with the Fund&#8217;s direct investments, the Fund is also subject to the underlying risks which affect the Listed Private Equity Companies in which the Fund invests. Listed Private Equity Companies are subject to various risks depending on their underlying investments, which could include, but are not limited to, additional liquidity risk, industry risk, non-U.S. security risk, currency risk, valuation risk, credit risk, managed portfolio risk and derivatives risk. </li></ul><ul type="square"><li><b> Industry Risk.</b> The Fund&#8217;s investments could be concentrated within one industry or group of industries. Any factors detrimental to the performance of such industries will disproportionately impact the Fund. Investments focused in a particular industry are subject to greater risk and are more greatly impacted by market volatility than less concentrated investments.</li></ul><ul type="square"><li><b> Non-U.S. Securities Risk.</b> Non-U.S. securities are subject to the risks of foreign currency fluctuations, generally higher volatility and lower liquidity than U.S. securities, less developed securities markets and economic systems and political and economic instability. </li></ul><ul type="square"><li><b> Emerging Markets Risk.</b> To the extent that the Fund invests in issuers located in emerging markets, the risk may be heightened by political changes and changes in taxation or currency controls that could adversely affect the values of these investments. Emerging markets have been more volatile than the markets of developed countries with more mature economies. </li></ul><ul type="square"><li><b> Currency Risk.</b> The value of the Fund&#8217;s investments may fall as a result of changes in exchange rates. </li></ul><ul type="square"><li><b> Derivatives Risk.</b> Derivatives involve special risks and costs and may result in losses to the Fund. The successful use of derivatives requires sophisticated management, and, to the extent that derivatives are used, the Fund will depend on the Sub-Adviser&#8217;s ability to analyze and manage derivatives transactions. The prices of derivatives may move in unexpected ways, especially in abnormal market conditions.</li></ul>PERFORMANCE INFORMATIONThe following information provides some indication of the risks of investing in the Fund by showing how the Fund&#8217;s performance has varied over time. Class C shares of the Fund commenced operations on June 30, 2010. The performance shown for periods prior to June 30, 2010 for Class C shares reflects the performance of the Fund&#8217;s Class A shares, the initial share class, calculated using the fees and expenses of Class C shares, without the effect of any fee and expense limitations or waivers. If Class C shares of the Fund had been available during periods prior to June 30, 2010, the performance shown may have been different.<br/><br/>The bar chart depicts the change in performance from year to year during the periods indicated. The bar chart figures do not include any applicable sales charges that an investor may pay when they buy or sell shares of the Fund. If sales charges were included, the returns would be lower. The table compares the Fund&#8217;s average annual returns for the periods indicated to broad-based securities market indices. The indices are not actively managed and are not available for direct investment. The bar charts and performance tables assume reinvestment of dividends and distributions. The Fund&#8217;s past performance does not necessarily indicate how it will perform in the future. Updated performance information is available on the Fund&#8217;s website at www.alpsfunds. com or by calling 866.759.5679.
<b>Annual Total Returns</b> (years ended 12/31)<br/><b>Class A Shares </b>After-tax returns are calculated using the historically highest individual U.S. federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your individual tax situation and may differ from those shown in the table below. The after-tax return information shown below does not apply to Fund shares held through a tax-deferred account, such as a 401(k) plan or an IRA.<br/><br/>After-tax returns are only shown for Class A shares of the Fund. After-tax returns for Class C shares, Class I shares and Class R shares will vary from those shown for Class A shares due to varying sales charges and expenses among the classes.<b>Average Annual Total Returns </b><br/>(for the period ended December 31, 2012)<div style="display:none">~ http://www.redmontfunds.com/role/ScheduleShareholderFeesALPSCoreCommodityManagementCompleteCommoditiesSMStrategyFund column period compact * ~</div>
<div style="display:none">~ http://www.redmontfunds.com/role/ScheduleAnnualFundOperatingExpensesALPSCoreCommodityManagementCompleteCommoditiesSMStrategyFund column period compact * ~</div>
<div style="display:none">~ http://www.redmontfunds.com/role/ScheduleExpenseExampleTransposedALPSCoreCommodityManagementCompleteCommoditiesSMStrategyFund column period compact * ~</div>
<div style="display:none">~ http://www.redmontfunds.com/role/ScheduleExpenseExampleNoRedemptionTransposedALPSCoreCommodityManagementCompleteCommoditiesSMStrategyFund column period compact * ~</div>
<div style="display:none">~ http://www.redmontfunds.com/role/ScheduleAnnualTotalReturnsALPSCoreCommodityManagementCompleteCommoditiesSMStrategyFundBarChart column period compact * ~</div>
<div style="display:none">~ http://www.redmontfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedALPSCoreCommodityManagementCompleteCommoditiesSMStrategyFund column period compact * ~</div>
PERFORMANCE INFORMATIONAs of the date of this Prospectus, the Fund has not yet completed a full calendar year of investment operations. When the Fund has completed a full calendar year of investment operations, this section will include charts that show annual total returns, highest and lowest quarterly returns and average annual total returns (before and after taxes) compared to a benchmark selected for the Fund. Updated performance information will be available on the Fund&#8217;s website at www.alpsfunds.com or by calling 866.759.5679.<b>Number of Years You Own Your Shares</b>You would pay the following expenses if you did not redeem your shares:August 31, 2014You may qualify for certain sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund.50000&#8220;Other Expenses&#8221; are based on estimated amounts for the current fiscal year.It is important to read all the disclosure information provided and to understand that you may lose money by investing in the Fund.<ul type="square"><li><b>Non-Diversified Fund Risk</b>. The Fund is considered non-diversified and can invest a greater portion of assets in securities of individual issuers than a diversified fund. As a result, changes in the market value of a single investment could cause greater fluctuations in share price than would occur in a diversified fund.</li></ul>As of the date of this Prospectus, the Fund has not yet completed a full calendar year of investment operations. When the Fund has completed a full calendar year of investment operations, this section will include charts that show annual total returns, highest and lowest quarterly returns and average annual total returns (before and after taxes) compared to a benchmark selected for the Fund.866.759.5679www.alpsfunds.comIf you invest $1 million or more, either as a lump sum or through the Fund&#8217;s accumulation or letter of intent programs, you can purchase Class A shares without an initial sales charge (load); however, a Contingent Deferred Sales Charge (&#8220;CDSC&#8221;) of 1.00% may apply to Class A shares redeemed within the first 18 months after a purchase in excess of $1 million.SUMMARY SECTION<br/><br/>RIVERFRONT CONSERVATIVE INCOME BUILDER FUND (THE &#8220;FUND&#8221;)INVESTMENT OBJECTIVEThe Fund seeks to provide current income and potential for that income to grow over time.FEES AND EXPENSES OF THE PORTFOLIOThis table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for certain sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund. More information about these and other discounts is available from your financial professional and in &#8220;BUYING, EXCHANGING AND REDEEMING SHARES&#8221; at page 81 of the Prospectus and &#8220;PURCHASE, EXCHANGE &amp; REDEMPTION OF SHARES&#8221; at page 81 of the Fund&#8217;s statement of additional information.You may qualify for certain sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund.50000<b>Shareholder Fees </b>(fees paid directly from your investment)<b>Annual Fund Operating Expenses</b> (expenses that you pay each year as a percentage of the value of your investment)PORTFOLIO TURNOVERThe Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and, for U.S. federal income tax purposes, may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund&#8217;s performance. For the period September 4, 2012 (inception) through April 30, 2013, the Fund&#8217;s portfolio turnover was 73% of the average value of its portfolio.0.73<b>Example</b>This example helps you compare the costs of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same. After one year, the Example does not take into consideration any agreement by the Adviser to waive fees. Although your actual costs may be higher or lower, based on these assumptions your cost would be:<b>Number of Years<br/>You Own Your<br/>Shares</b>You would pay the following expenses if you did not redeem your shares:PRINCIPAL INVESTMENT STRATEGIES OF THE FUNDThe Fund is designed for investors seeking current income and the potential for their income level to grow over time, primarily through investments in fixed-income securities supplemented by dividend-paying stocks. Under normal conditions, the Fund&#8217;s portfolio is expected to have between 50% and 80% of its assets invested in various fixed-income securities, including high- and low-grade corporate debt, with the balance of the Fund (typically 20%-50%) invested in a diversified basket of dividend-paying stocks, including small-and mid-cap domestic and foreign securities. The fixed-income securities may be of any quality or duration. Duration is a weighted measure of the length of time a bond will pay out and takes into account interest payments that occur throughout the course of holding the bond. In general, the longer the bond&#8217;s duration, the more its price will drop as interest rates go up. Under normal conditions, the Fund will generally invest in stock of companies with various market capitalizations but will typically seek to limit its investments in domestic companies within any single market capitalization category to no more than 50% of its total assets in large-cap or mid-cap and no more than 35% in small-cap or micro-cap. The Fund may also invest significantly in exchange-traded funds (ETFs). The Fund&#8217;s portfolio management team may depart from the targeted allocation range when they feel that certain sectors of the financial markets are overvalued or undervalued.A Contingent Deferred Sales Charge (&#8220;CDSC&#8221;) of 1.00% may apply to Class C shares redeemed within the first 12 months.PRINCIPAL RISKS OF THE FUNDThe following is a description of the principal risks of the Fund&#8217;s portfolio, which may adversely affect its net asset value and total return. There are other circumstances (including additional risks that are not described here) which could prevent the Fund from achieving its investment objective. It is important to read all the disclosure information provided and to understand that you may lose money by investing in the Fund.<ul type="square"><li><b>Allocation Risk.</b> The performance of the Fund will depend largely on the decisions of RiverFront Investment Group, LLC (the &#8220;Sub-Adviser&#8221; or &#8220;RiverFront&#8221;) as to strategic asset allocation and tactical adjustments made to the asset allocation. At times, RiverFront&#8217;s judgments as to the asset classes in which the Fund should invest may prove to be wrong, as some asset classes may perform poorly in relation to other asset classes or in relation to the equity markets in general from time to time or for extended periods of time.</li></ul><ul type="square"><li><b>Managed Portfolio Risk.</b> The manager&#8217;s investment strategies or choice of specific securities may be unsuccessful and may cause the Fund to incur losses.</li></ul><ul type="square"><li><b>Sector and Securities Selection Risk.</b> The performance of the Fund is related to the economic sectors that RiverFront may choose to emphasize or deemphasize from time to time, as well as to the individual securities selected by RiverFront within those sectors. The investment returns for particular economic sectors will fluctuate and may be lower than other sectors. In addition, the individual securities chosen for investment within a particular sector may underperform other securities within that same sector.</li></ul><ul type="square"><li><b>Stock Market Risk.</b> The Fund may invest significantly in common stocks. Stock prices vary and may fall, often in tandem with fluctuations in the overall stock markets, thus reducing the value of the Fund&#8217;s investments. Certain stocks selected for the Fund&#8217;s portfolio may decline in value more than the overall stock markets.</li></ul><ul type="square"><li><b>Interest Rate Risk.</b> The fixed-income securities in which the Fund may invest may be of any quality or duration. Duration is a weighted measure of the length of time a bond will pay out and takes into account interest payments that occur throughout the course of holding the bond. In general, the longer the bond&#8217;s duration, the more its price will drop as interest rates go up. The value of the Fund&#8217;s investments in fixed-income securities will generally decrease when interest rates rise, which means the Fund&#8217;s NAV will likewise decrease.</li></ul><ul type="square"><li><b>Credit Risk.</b> The companies in which the Fund may invest may have their credit rating downgraded, fail financially or be unwilling or unable to make timely payments of interest or principal, thereby reducing the value of the Fund&#8217;s portfolio and its income.</li></ul><ul type="square"><li><b>Equity Securities Risk.</b> Equity securities may experience sudden, unpredictable drops in value or long periods of decline in value. This may occur because of factors that affect securities markets generally or factors affecting specific industries, sectors or companies in which the Fund invests.</li></ul><ul type="square"><li><b>Style Investing Risk.</b> To the extent the Fund focuses on a particular style of stocks (such as growth or value), its performance may at times be better or worse than the performance of funds that focus on other types of stocks or that have a broader investment style. Growth stocks, which are characterized by high price-to-earnings ratios, may be more volatile than value stocks with lower price-to-earnings ratios.</li></ul><ul type="square"><li><b>Small- and Mid-Cap Risk.</b> From time to time, the Fund may invest significantly in small-capitalization and mid-capitalization stocks, which are often more volatile and less liquid than investments in larger companies. The frequency and volume of trading in securities of smaller and mid-size companies may be substantially less than is typical of larger companies. Therefore, the securities of smaller and mid-size companies may be subject to greater and more abrupt price fluctuations. In addition, smaller and mid-size companies may lack the management experience, financial resources and product diversification of larger companies, making them more susceptible to market pressures and business failure.</li></ul><ul type="square"><li><b>ETF Investment Risk.</b> ETFs are investment companies that are bought and sold on a securities exchange. The price of an ETF can fluctuate within a wide range, and the Fund could lose money by investing in an ETF if the prices of the securities owned by the ETF go down. The market price of an ETF&#8217;s shares may trade at a premium or discount to their net asset value, meaning that the Fund could pay more to purchase shares of an ETF, or receive less in a sale of shares of an ETF, than the net asset value of the ETF. ETFs are also subject to potential liquidity risk because an active trading market for an ETF&#8217;s shares may not develop or be maintained, trading of an ETF&#8217;s shares may be halted from time to time, or the shares may be de-listed from the exchange. In addition, the Fund incurs its proportionate shares of the expenses of the ETFs in which it invests, which has the effect of increasing the operating expenses of the Fund and thus the costs of your investment in the Fund.</li></ul><ul type="square"><li><b>High Yield Securities Risk.</b> The Fund may invest in high yield securities. High yield securities generally offer a higher current yield than that available from higher grade issues, but typically involve greater risk. Securities rated below investment grade are commonly referred to as &#8220;junk bonds.&#8221; The ability of issuers of high yield securities to make timely payments of interest and principal may be adversely impacted by adverse changes in general economic conditions, changes in the financial condition of the issuers and price fluctuations in response to changes in interest rates. High yield securities are speculative, less liquid than investment grade securities and may be difficult to price or sell, particularly in times of negative sentiment toward high yield securities.</li></ul><ul type="square"><li><b>Foreign Issuer and Emerging Markets Risk.</b> The Fund may invest in securities of foreign issuers, which are subject to certain inherent risks, such as political or economic disruptions or instability of the country of issue, the difficulty of predicting international trade patterns, foreign currency fluctuations, and the possibility of imposition of exchange controls. Such securities may also be subject to greater variations in price than securities of domestic corporations. At times, the prices of foreign stocks and the prices of U.S. stocks have moved in opposite directions. Foreign securities may be less liquid and involve higher transaction costs, as foreign securities markets may be less efficient than U.S. markets. In addition, there may be less publicly available information about a foreign company than about a domestic company. Foreign companies generally are not subject to uniform accounting, auditing and financial reporting standards comparable to those applicable to domestic companies. With respect to certain foreign countries, there is a possibility of expropriation or confiscatory taxation, or diplomatic developments, which could affect investment in those countries.</li></ul>It is important to read all the disclosure information provided and to understand that you may lose money by investing in the Fund.PERFORMANCE INFORMATIONAs of the date of this Prospectus, the Fund has not yet completed a full year of investment operations. When the Fund has completed a full calendar year of investment operations, this section will include charts that show annual total returns, highest and lowest quarterly returns and average annual total returns (before and after taxes) compared to a benchmark selected for the Fund. Updated performance information will be available on the Fund&#8217;s website at www.alpsfunds.com or by calling 866.759.5679.As of the date of this Prospectus, the Fund has not yet completed a full year of investment operations. When the Fund has completed a full calendar year of investment operations, this section will include charts that show annual total returns, highest and lowest quarterly returns and average annual total returns (before and after taxes) compared to a benchmark selected for the Fund.www.alpsfunds.com866.759.56796893231221760149212092821273022915427569749726892231221760149212092821273022915427569749720.00850.00850.0085<div style="display:none">~ http://www.redmontfunds.com/role/ScheduleShareholderFeesALPSAlerianMLPInfrastructureIndexFund column period compact * ~</div>
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Best Quarter &#150;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;March 31, 2011&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.14%<br/> Worst Quarter &#150;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;September 30, 2011&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-16.04%<br/><br/>The Fund&#8217;s Class A share year-to-date return as of June 30, 2013 was -10.04%.
0.00250.00750The following is a description of the principal risks of the Fund&#8217;s portfolio, which may adversely affect its net asset value and total return. There are other circumstances (including additional risks that are not described here) which could prevent the Fund from achieving its investment objective. It is important to read all the disclosure information provided and to understand that you may lose money by investing in the Fund.<ul type="square"><li><b>Investment Risk.</b> An investment in the Fund is subject to investment risk including the possible loss of the entire principal amount that you invest.</li></ul><ul type="square"><li><b>Market Risk.</b> The market value of a security may decline due to general market conditions that are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. A security&#8217;s market value also may decline because of factors that affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry.</li></ul><ul type="square"><li><b>Tax Status of the Fund.</b> The Fund is taxed as a regular corporation (or so-called subchapter &#8220;C&#8221; corporation) for federal income tax purposes, and will be subject to tax on its taxable income at rates applicable to corporations. This differs from most investment companies, which elect to be treated as &#8220;regulated investment companies&#8221; under the Code in order to avoid paying entity level income taxes. Under current law, the Fund is not eligible to elect treatment as a regulated investment company due to its investments primarily in MLPs invested in energy assets. As a result, the Fund will be obligated to pay applicable federal and state corporate income taxes on its taxable income as opposed to most other investment companies which are not so obligated. As discussed below, the Fund expects that a portion of the distributions it receives from MLPs may be treated as a tax-deferred return of capital, thus reducing the Fund&#8217;s current tax liability. However, the amount of taxes currently paid by the Fund will vary depending on the amount of income and gains derived from investments and/or sales of MLP interests and such taxes will reduce your return from an investment in the Fund.</li></ul><ul type="square"><li><b>Deferred Tax Liability</b>. Cash distributions from an MLP to the Fund that exceed the Fund&#8217;s allocable share of such MLP&#8217;s net taxable income are considered a tax-deferred return of capital that will reduce the Fund&#8217;s adjusted tax basis in the equity securities of the MLP. These reductions in such Fund&#8217;s adjusted tax basis in the MLP equity securities will increase the amount of gain (or decrease the amount of loss) recognized by the Fund on a subsequent sale of such MLP equity securities. For financial statement purposes, the Fund will accrue deferred income taxes for any future tax liability associated with (i) that portion of MLP distributions considered to be a tax-deferred return of capital as well as (ii) capital appreciation of its investments. Upon the sale of an MLP security, the Fund may be liable for previously deferred taxes. The Fund will rely to some extent on information provided by the MLPs, which may not be provided on a timely basis, to estimate the Fund&#8217;s deferred tax liability for purposes of financial statement reporting and determining its net asset value (&#8220;NAV&#8221;). From time to time, ALPS Advisors, Inc. (the &#8220;Adviser&#8221;) will modify the estimates or assumptions regarding the Fund&#8217;s deferred tax liability as new information becomes available. The Fund will generally compute deferred income taxes based on the highest federal income tax rate applicable to corporations (currently 35%) and an assumed rate attributable to state or local taxes. The daily estimate of the Fund&#8217;s deferred tax liability may vary substantially from the Fund&#8217;s actual tax liability. Modifications of estimates or assumptions, changes in generally accepted accounting principles or changes in applicable tax law could result in increases or decreases in the Fund&#8217;s NAV per share, which could be material.</li></ul><ul type="square"><li><b> Potential Substantial After-Tax Tracking Error from Index Performance</b>. As discussed above, the Fund will be subject to taxation on its taxable income. The NAV of Fund Shares will also be reduced by the accrual of any deferred tax liabilities. The Index, however, is calculated without any deductions for taxes. As a result, the Fund&#8217;s after tax performance could differ significantly from the Index even if the pretax performance of the Fund and the performance of the Index are closely correlated.</li></ul><ul type="square"><li><b>Returns of Capital Distributions From the Fund Reduce the Tax Basis of Fund Shares</b>. A portion of the Fund&#8217;s distributions are expected to be treated as a return of capital for U.S. federal income tax purposes. Returns of capital distribution are not taxable income to you but reduce your tax basis in your Fund Shares. Such a reduction in tax basis will result in larger taxable gains and/or lower tax losses on a subsequent sale of Fund Shares.<br/><br/>Shareholders who periodically receive the payment of dividends or other distributions consisting of a return of capital may be under the impression that they are receiving net profits from the Fund when, in fact, they are not. Shareholders should not assume that the source of the distributions is from the net profits of the Fund.</li></ul><ul type="square"><li><b>Industry Specific Risks</b>. The Fund invests primarily in energy infrastructure companies. Energy infrastructure companies are subject to risks specific to the industry they serve including, but not limited to, the following:</li></ul><blockquote><ul type="square"><li>reduced volumes of natural gas or other energy commodities available for transporting, processing or storing;</li><li>new construction risks and acquisition risk which can limit growth potential;</li><li>a sustained reduced demand for crude oil, natural gas and refined petroleum products resulting from a recession or an increase in market price or higher taxes;</li><li>changes in the regulatory environment;</li><li>extreme weather;</li><li>rising interest rates which could result in a higher cost of capital and drive investors into other investment opportunities; and </li><li>threats of attack by terrorists.</li></ul></blockquote><ul type="square"><li><b>MLP Risk</b>. Investments in securities of MLPs involve risks that differ from investments in common stock including risks related to limited control and limited rights to vote on matters affecting the MLP, risks related to potential conflicts of interest between the MLP and the MLP&#8217;s general partner, cash flow risks, as described in more detail in the Prospectus. MLP common units and other equity securities can be affected by macro-economic and other factors affecting the stock market in general, expectations of interest rates, investor sentiment towards MLPs or the energy sector, changes in a particular issuer&#8217;s financial condition, or unfavorable or unanticipated poor performance of a particular issuer (in the case of MLPs, generally measured in terms of distributable cash flow). Prices of common units of individual MLPs and other equity securities also can be affected by fundamentals unique to the partnership or company, including earnings power and coverage ratios.</li></ul><ul type="square"><li><b>MLP Tax Risk</b>. MLPs are treated as partnerships for U.S. federal income tax purposes and do not pay U.S. federal income tax at the partnership level. Rather, each partner is allocated a share of the MLP&#8217;s income, gains, losses, deductions and expenses. A change in current tax law, or a change in the underlying business mix of a given MLP, could result in an MLP being treated as a corporation for U.S. federal income tax purposes, which would result in such MLP being subject to U.S. federal income tax on its taxable income. The classification of an MLP as a corporation for U.S. federal income tax purposes would have the effect of reducing the amount of cash available for distribution by the MLP. Thus, if any of the MLPs owned by the Fund were treated as corporations for U.S. federal income tax purposes, it could result in a reduction in the value of your investment in the Fund and reduced distributions.</li></ul><ul type="square"><li> <b>Equity Securities Risk</b>. MLP common units and other equity securities may be effected by macro-economic and other factors affecting the stock market in general, including without limitation, expectations of interest rates, investor sentiment towards the natural resources sector, changes in an issuer&#8217;s financial condition, and poor performance of a particular issuer.</li></ul><ul type="square"><li><b>Liquidity Risk</b>. Although common units of MLPs trade on the NYSE, the NASDAQ, and American Stock Exchange (&#8220;AMEX&#8221;), certain MLP securities may trade less frequently than those of larger companies due to their smaller capitalizations. In the event certain MLP securities experience limited trading volumes, the prices of such MLPs may display abrupt or erratic movements at times. Additionally, it may be more difficult for the Fund to buy and sell significant amounts of such securities without an unfavorable impact on prevailing market prices. As a result, these securities may be difficult to dispose of at a fair price at the times when the Adviser believes it is desirable to do so. The Fund&#8217;s investment in securities that are less actively traded or over time experience decreased trading volume may restrict its ability to take advantage of other market opportunities or to dispose of securities. This also may affect adversely the Fund&#8217;s ability to make dividend distributions to you.</li></ul><ul type="square"><li><b>Issuer Specific Risk</b>. The value of an individual security or particular type of security can be more volatile than the market as a whole and can perform differently from the value of the market as a whole. The value of securities of smaller issues can be more volatile than that of larger issues.</li></ul><ul type="square"><li><b>Concentration Risk.</b> Under normal circumstances, and to the extent consistent with the Fund&#8217;s investment objective of seeking investment results that correspond (before fees and expenses) generally to the price and yield performance of the Index, the Fund concentrates its investments in MLPs and the energy infrastructure industry. A fund that invests primarily in a particular sector could experience greater volatility than funds investing in a broader range of industries.</li></ul><ul type="square"><li><b>Non-Diversified Fund Risk</b>. The Fund is considered non-diversified and can invest a greater portion of assets in securities of individual issuers than a diversified fund. As a result, changes in the market value of a single investment could cause greater fluctuations in share price than would occur in a diversified fund.</li></ul><ul type="square"><li><b>Replication Management Risk</b>. Unlike many investment companies, the Fund is not &#8220;actively&#8221; managed. Therefore, it may not necessarily sell a security solely because the security&#8217;s issuer is in financial difficulty unless that security is removed from the Index.</li></ul><ul type="square"><li><b>Non-Correlation Risk</b>. In addition to the risk of tracking error due to the effect of taxes, the Fund&#8217;s return may not match the return of the Index for other reasons. For example, the Fund incurs a number of operating expenses not applicable to the Index, and incurs costs in buying and selling securities, especially when rebalancing the Fund&#8217;s securities holdings to reflect changes in the composition of the Index.</li></ul><ul type="square"><li><b>New Fund Risk</b>. The Fund is newly formed and therefore has limited performance history for investors to evaluate. In addition, the Fund may not have significant operating history upon which to base estimations of accrued tax liabilities.</li></ul>0.0410.04350.04100.002500.0410.0410.0410.0030.0030.0030.0550.06250.0525-0.0405-0.0405-0.04050.01450.0220.0120.030000.0550.010.01<b>VULCAN VALUE PARTNERS FUND (THE &#8220;FUND&#8221;)</b><b>INVESTMENT OBJECTIVE</b>The Fund seeks to achieve long-term capital appreciation.<b>FEES AND EXPENSES OF THE FUND</b>This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.<b>Shareholder Fees</b> (fees paid directly from your investment)INVESTMENT OBJECTIVEThe Fund seeks to achieve long-term capital appreciation through a fully managed investment policy utilizing United States and foreign equity securities, debt and money market securities, the combination of which will be varied from time to time both with respect to types of securities and markets in response to changing market and economic trends.FEES AND EXPENSES OF THE PORTFOLIOThis table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.-0.02<b>Annual Fund Operating Expenses</b><br/>(Expenses that you pay each year as a percentage of the value of your investment)<b>Example </b>This example helps you compare the costs of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same. After one year, the Example does not take into consideration any agreement by the Adviser to waive fees. Although your actual costs may be higher or lower, based on these assumptions your cost would be:<b>Annual Fund Operating Expenses</b><br/>(expenses that you pay each year as a percentage of the value of your investment)0.01<b>Number of Years You<br/>Own Your Shares</b>0.00180.0118You would pay the following expenses if you did not redeem your shares:00.01180.00850.00850.002500.00380.00380.00270.00270.01750.015-0.0033-0.00330.01420.0117<b>EXAMPLE</b>145119This example is intended to help you compare the costs of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:519442918787<b>Number of Years</b><br/><b>You Own Your Shares</b>You would pay the following expenses if you did not redeem your shares:120375649145119143051944291878720321760120375649143017602032<b>PORTFOLIO TURNOVER</b>The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund&#8217;s performance. During the most recent fiscal year, the Fund&#8217;s turnover rate was 24% of the average value of its portfolio.<b>PRINCIPAL INVESTMENT STRATEGIES OF THE FUND</b>The Vulcan Value Partners Fund seeks to achieve long-term capital appreciation by investing primarily in publicly traded mid-cap and large-cap companies the Fund believes to be both undervalued and possessing a sustainable competitive advantage.<br/><br/>The Fund views equity investments as ownership in a business enterprise and approaches investing as long-term partial ownership of businesses. The Fund seeks to purchase publicly traded companies at significant discounts to intrinsic worth. The Fund seeks to invest for the long term, limiting the selection of qualifying investments to good businesses with identifiable, sustainable competitive advantages to maximize returns and to minimize risk. The Fund generally defines risk as the probability of permanently losing capital over a five-year period. The Fund generally sells stocks when they approach their appraised value. The Fund seeks to determine business or intrinsic value through disciplined financial analysis. The Fund believes that equities purchased at prices substantially less than their intrinsic worth generally afford capital protection from significant permanent loss and also create the possibility of substantial appreciation if the market recognizes the company&#8217;s economic value.<br/><br/>This portfolio strategy invests in companies with larger market capitalizations. Generally, subject to price, any publicly traded company with reasonable economics would be a potential investment in this portfolio. A core position in the Fund is generally approximately 5% of the Fund&#8217;s portfolio, so that theoretically the Fund would seek to hold about 20 companies, spread across various industries. Because it is rare that the Fund would find exactly 20 companies meeting its investment guidelines, concentration will vary with the price to value ratio of specific companies. The Fund may invest in positions as small as 1% when price to value ratios are higher. The Fund generally will not invest in any business that is trading above the Fund&#8217;s estimate of its fair value. Most of these securities are listed on the major securities exchanges. The Fund may invest up to 30% of assets in publicly traded foreign securities and may hold up to 10% of net assets in illiquid securities. If investments meeting the Fund&#8217;s criteria are not available, the Fund may invest the Fund&#8217;s assets temporarily in obligations of the U.S. government and its agencies, or in other money market instruments.<b>PRINCIPAL RISKS OF THE FUND</b>The following is a description of the principal risks of the Fund&#8217;s portfolio that may adversely affect its net asset value and total return. Unless otherwise stated, these risks apply to the Fund. There are other circumstances (including additional risks that are not described here) which could prevent the Fund from achieving its investment objective. It is important to read all of the disclosure information provided and to understand that you may lose money by investing in the Fund.<ul type="square"><li>Stock Market Risk &#8211; The value of equity securities in the Fund&#8217;s portfolio will fluctuate and, as a result, the Fund&#8217;s share price may decline suddenly or over a sustained period of time.</li><li>Business Ownership Risk - The Fund treats investing as partial ownership of qualifying businesses. As partial owners of these companies, the Fund faces the risks inherent in owning a business.</li><li>Medium-Size Company Risk &#8211; Medium-sized companies may have more limited product lines, markets and financial resources than larger companies. In addition, mid-cap stocks may be more volatile than those of larger companies and, where trading volume is thin, the ability to dispose of such securities may be more limited.</li><li>Non-diversification Risk &#8211; The Fund is classified as non-diversified. As a result, an increase or decrease in the value of a single security may have a greater impact on the Fund&#8217;s NAV and total return. Being non-diversified may also make the Fund more susceptible to financial, economic, political or other developments that may impact a security. Although the Fund may from time to time satisfy the requirements for a diversified fund, its non-diversified classification gives the Fund&#8217;s portfolio managers more flexibility to hold larger positions in a smaller number of securities than a fund that is classified as diversified.</li><li>Non-U.S. Securities Risk &#8211; Non-U.S. securities are subject to the risks of foreign currency fluctuations, generally higher volatility and lower liquidity than U.S. securities, less developed securities markets and economic systems and political and economic instability.</li><li>Currency Risk &#8211; The value of the Fund&#8217;s investments may fall as a result of changes in exchange rates.</li><li>Managed Portfolio Risk &#8211; The manager&#8217;s investment strategies or choice of specific securities may be unsuccessful and may cause the Fund to incur losses.</li></ul><b>PERFORMANCE INFORMATION</b>The following is a description of the principal risks of the Fund&#8217;s portfolio, which may adversely affect its net asset value and total return. There are other circumstances (including additional risks that are not described here) which could prevent the Fund from achieving its investment objective. It is important to read all the disclosure information provided and to understand that you may lose money by investing in the Fund.<ul type="square"><li><b>Allocation Risk.</b> The performance of the Fund relative to its benchmark will depend largely on the decisions of RiverFront Investment Group, LLC (the &#8220;Sub-Adviser&#8221; or &#8220;RiverFront&#8221;) as to strategic asset allocation and tactical adjustments made to the asset allocation. At times, RiverFront&#8217;s judgments as to the asset classes in which the Fund should invest may prove to be wrong, as some asset classes may perform worse than others or the equity markets generally from time to time or for extended periods of time.</li></ul><ul type="square"><li><b>Management Risk.</b> The Sub-Adviser&#8217;s judgments about the attractiveness, value and potential appreciation of particular asset classes, securities or sectors may prove to be incorrect. Such errors could result in a negative return and a loss to you.</li></ul><ul type="square"><li><b>Sector and Securities Selection Risk. </b>The performance of the Fund is related to the economic sectors that RiverFront may choose to emphasize or deemphasize from time to time, as well as to the individual securities selected by RiverFront within those sectors. The investment returns for particular economic sectors will fluctuate and may be lower than other sectors. In addition, the individual securities chosen for investment within a particular sector may underperform other securities within that same sector.</li></ul><ul type="square"><li><b>Stock Market Risk.</b> The Fund will invest significantly in common stocks. Stock prices vary and may fall, often in tandem with fluctuations in the overall stock markets, thus reducing the value of the Fund&#8217;s investments. Certain stocks selected for the Fund&#8217;s portfolio may decline in value more than the overall stock markets.</li></ul><ul type="square"><li><b>Equity Securities Risk.</b> Equity securities may experience sudden, unpredictable drops in value or long periods of decline in value. This may occur because of factors that affect securities markets generally or factors affecting specific industries, sectors or companies in which the Fund invests.</li></ul><ul type="square"><li><b>Style Investing Risk.</b> To the extent the Fund focuses on a particular style of stocks (such as growth or value), its performance may at times be better or worse than the performance of funds that focus on other types of stocks or that have a broader investment style. Growth stocks, which are characterized by high price-to-earnings ratios, may be more volatile than value stocks with lower price-to-earnings ratios.</li></ul><ul type="square"><li><b>Small- and Mid-Cap Risk. </b>From time to time, the Fund may invest significantly in small-capitalization and mid- capitalization stocks, which are often more volatile and less liquid than investments in larger companies. The frequency and volume of trading in securities of smaller and mid-size companies may be substantially less than is typical of larger companies. Therefore, the securities of smaller and mid-size companies may be subject to greater and more abrupt price fluctuations. In addition, smaller and mid-size companies may lack the management experience, financial resources and product diversification of larger companies, making them more susceptible to market pressures and business failure.</li></ul><ul type="square"><li><b>ETF Investment Risk. </b>ETFs are investment companies that are bought and sold on a securities exchange. The price of an ETF can fluctuate within a wide range, and the Fund could lose money by investing in an ETF if the prices of the securities owned by the ETF go down. The market price of an ETF&#8217;s shares may trade at a premium or discount to their net asset value, meaning that the Fund could pay more to purchase shares of an ETF, or receive less in a sale of shares of an ETF, than the net asset value of the ETF. ETFs are also subject to potential liquidity risk because an active trading market for an ETF&#8217;s shares may not develop or be maintained, trading of an ETF&#8217;s shares may be halted from time to time, or the shares may be de-listed from the exchange. In addition, the Fund incurs its proportionate shares of the expenses of the ETFs in which it invests, which has the effect of increasing the operating expenses of the Fund and thus the costs of your investment in the Fund.</li></ul><ul type="square"><li><b>Foreign Issuer and Emerging Markets Risk.</b> The Fund will invest in securities of foreign issuers, which are subject to certain inherent risks, such as political or economic disruptions or instability of the country of issue, the difficulty of predicting international trade patterns, foreign currency fluctuations, and the possibility of imposition of exchange controls. Such securities may also be subject to greater variations in price than securities of domestic corporations. At times, the prices of foreign stocks and the prices of U.S. stocks have moved in opposite directions. Foreign securities may be less liquid and involve higher transaction costs, as foreign securities markets may be less efficient than U.S. markets. In addition, there may be less publicly available information about a foreign company than about a domestic company. Foreign companies generally are not subject to uniform accounting, auditing and financial reporting standards comparable to those applicable to domestic companies. With respect to certain foreign countries, there is a possibility of expropriation or confiscatory taxation, or diplomatic developments, which could affect investment in those countries.</li></ul>The following information provides some indication of the risks of investing in the Fund by showing how the Fund&#8217;s performance has varied over time.PERFORMANCE INFORMATIONThe following information provides some indication of the risks of investing in the Fund by showing how the Fund&#8217;s performance has varied over time. Performance prior to September 27, 2010 reflects that of Institutional Shares of RiverFront Long-Term Growth Fund, a series of Baird Funds, Inc., as a result of a prior reorganization of the Baird Funds - RiverFront Long-Term Growth Fund into the Fund, without the effect of any fee and expense limitations or waivers. If the Fund&#8217;s Class L and Investor shares had been available during the periods shown, the performance shown may have been different.<br/><br/>The bar chart depicts the change in performance from year to year during the periods indicated. The bar chart figures do not include any applicable sales charges that an investor may pay when they buy or sell shares of the Fund. The table compares the Fund&#8217;s average annual returns for the periods indicated to a broad-based securities market index. The index is not actively managed and is not available for direct investment. The bar charts and performance tables assume reinvestment of dividends and distributions. The Fund&#8217;s past performance does not necessarily indicate how it will perform in the future. Updated performance information is available on the Fund&#8217;s website at www.alpsfunds.com or by calling 866.759.5679.The bar chart depicts the change in performance from year to year during the periods indicated. The bar chart figures do not include any applicable sales charges that an investor may pay when they buy or sell Shares of the Fund. If sales charges were included, the returns would be lower. The table compares the Fund&#8217;s average annual returns for the periods indicated to broad-based securities market indices. The indices are not actively managed and are not available for direct investment. The bar charts and performance tables assume reinvestment of dividends and distributions. The Fund&#8217;s past performance does not necessarily indicate how it will perform in the future. Updated performance information is available on the Fund&#8217;s website at www.vulcanvaluepartners.com or by calling 877.421.5078.After-tax returns are calculated using the historically highest individual U.S. federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your individual tax situation and may differ from those shown in the table below. The after-tax return information shown below does not apply to Fund shares held through a tax-deferred account, such as a 401(k) plan or an IRA.<b>Calendar Year Annual Returns for Class L Shares</b>0.10890.04010.2438RiverFront Global Growth Fund0.26860.1287-0.09520.1547Best quarter:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;June 30, 2009&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.77%<br/> Worst quarter:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;September 30, 2011&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;19.26%<br/><br/>The Fund&#8217;s Class L share year-to-date return as of June 30, 2013 was 4.62%.
<b>Average Annual Total Returns</b><br/>For the period ended<br/>December 31, 2012After-tax returns are shown only for Class L shares, and the after-tax returns for Investor Class shares will vary. After-tax returns are calculated by using the highest historical individual federal marginal income tax rates (i.e., maximum rates) and do not include state or local taxes. Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold Fund shares in tax-deferred accounts (i.e., retirement plans or Individual Retirement Accounts).<b>Average Annual Total Returns </b><br/>(for periods ended December 31, 2012)0.15470.14930.10220.15260.16130.11620.10790.09750.09510.1372008-10-282008-10-282008-10-282008-10-28Best quarter:2009-06-300.1677Worst quarter:2011-09-30-0.1926year-to-date return2013-06-300.0462August 31, 20141.13It is important to read all the disclosure information provided and to understand that you may lose money by investing in the Fund.The following information provides some indication of the risks of investing in the Fund by showing how the Fund&#8217;s performance has varied over time.866.759.5679www.alpsfunds.comThe Fund&#8217;s past performance does not necessarily indicate how it will perform in the future.0.24380.24060.16280.17510.16The bar chart figures do not include any applicable sales charges that an investor may pay when they buy or sell shares of the Fund.After-tax returns are calculated by using the highest historical individual federal marginal income tax rates (i.e., maximum rates) and do not include state or local taxes.Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold Fund shares in tax-deferred accounts (i.e., retirement plans or Individual Retirement Accounts).After-tax returns are shown only for Class L shares, and the after-tax returns for Investor Class shares will vary.0.12470.1230.10760.1050.10492009-12-302009-12-302009-12-30August 31, 2014Expenses have been restated to reflect current fees.0.24<div style="display:none">~ http://www.redmontfunds.com/role/ScheduleAnnualFundOperatingExpensesRiverFrontGlobalGrowthFundClassLInvestor column period compact * ~</div>
It is important to read all of the disclosure information provided and to understand that you may lose money by investing in the Fund.<div style="display:none">~ http://www.redmontfunds.com/role/ScheduleExpenseExampleTransposedRiverFrontGlobalGrowthFundClassLInvestor column period compact * ~</div>
<ul type="square"><li>Non-diversification Risk &#8211; The Fund is classified as non-diversified. As a result, an increase or decrease in the value of a single security may have a greater impact on the Fund&#8217;s NAV and total return. Being non-diversified may also make the Fund more susceptible to financial, economic, political or other developments that may impact a security. Although the Fund may from time to time satisfy the requirements for a diversified fund, its non-diversified classification gives the Fund&#8217;s portfolio managers more flexibility to hold larger positions in a smaller number of securities than a fund that is classified as diversified.</li></ul><div style="display:none">~ http://www.redmontfunds.com/role/ScheduleExpenseExampleNoRedemptionTransposedRiverFrontGlobalGrowthFundClassLInvestor column period compact * ~</div>
<div style="display:none">~ http://www.redmontfunds.com/role/ScheduleAnnualTotalReturnsRiverFrontGlobalGrowthFundClassLInvestorBarChart column period compact * ~</div>
The following information provides some indication of the risks of investing in the Fund by showing how the Fund&#8217;s performance has varied over time.<div style="display:none">~ http://www.redmontfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedRiverFrontGlobalGrowthFundClassLInvestor column period compact * ~</div>
877.421.5078www.vulcanvaluepartners.comThe bar chart figures do not include any applicable sales charges that an investor may pay when they buy or sell Shares of the Fund. If sales charges were included, the returns would be lower.The Fund&#8217;s past performance does not necessarily indicate how it will perform in the future.After-tax returns are calculated using the historically highest individual U.S. federal marginal income tax rates and do not reflect the impact of state and local taxes.Actual after-tax returns depend on your individual tax situation and may differ from those shown in the table below. The after-tax return information shown below does not apply to Fund shares held through a tax-deferred account, such as a 401(k) plan or an IRA.year-to-date return2013-06-300.1123Best QuarterPRINCIPAL RISKS OF THE FUND2012-03-310.1488Worst Quarter2010-06-30-0.1212<div style="display:none">~ http://www.redmontfunds.com/role/ScheduleAnnualFundOperatingExpensesPathwayAdvisorsAggressiveGrowthFund column period compact * ~</div><div style="display:none">~ http://www.redmontfunds.com/role/ScheduleExpenseExampleTransposedPathwayAdvisorsAggressiveGrowthFund column period compact * ~</div><div style="display:none">~ http://www.redmontfunds.com/role/ScheduleShareholderFeesGrandeurPeakInternationalOpportunitiesFund column period compact * ~</div><div style="display:none">~ http://www.redmontfunds.com/role/ScheduleAnnualFundOperatingExpensesGrandeurPeakInternationalOpportunitiesFund column period compact * ~</div><div style="display:none">~ http://www.redmontfunds.com/role/ScheduleExpenseExampleTransposedGrandeurPeakInternationalOpportunitiesFund column period compact * ~</div><div style="display:none">~ http://www.redmontfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedGrandeurPeakInternationalOpportunitiesFund column period compact * ~</div>If you invest $1 million or more, either as a lump sum or through the Fund&#8217;s accumulation or letter of intent programs, you can purchase Class A shares without an initial sales charge (load); however, a Contingent Deferred Sales Charge (&#8220;CDSC&#8221;) of 1.00% may apply to Class A shares redeemed within the first 18 months after a purchase in excess of $1 million.2008-10-282008-10-282010-08-02<div style="display:none">~ http://www.redmontfunds.com/role/ScheduleShareholderFeesVulcanValuePartnersSmallCapFund column period compact * ~</div><div style="display:none">~ http://www.redmontfunds.com/role/ScheduleAnnualFundOperatingExpensesVulcanValuePartnersSmallCapFund column period compact * ~</div><div style="display:none">~ http://www.redmontfunds.com/role/ScheduleExpenseExampleTransposedVulcanValuePartnersSmallCapFund column period compact * ~</div><div style="display:none">~ http://www.redmontfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedVulcanValuePartnersSmallCapFund column period compact * ~</div>000<div style="display:none">~ http://www.redmontfunds.com/role/ScheduleAnnualFundOperatingExpensesPathwayAdvisorsGrowthandIncomeFund column period compact * ~</div><div style="display:none">~ http://www.redmontfunds.com/role/ScheduleExpenseExampleTransposedPathwayAdvisorsGrowthandIncomeFund column period compact * ~</div>00<div style="display:none">~ http://www.redmontfunds.com/role/ScheduleShareholderFeesTheDisciplinedGrowthInvestorsFund column period compact * ~</div><div style="display:none">~ http://www.redmontfunds.com/role/ScheduleAnnualFundOperatingExpensesTheDisciplinedGrowthInvestorsFund column period compact * ~</div><div style="display:none">~ http://www.redmontfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedTheDisciplinedGrowthInvestorsFund column period compact * ~</div><b>Pathway Advisors Aggressive Growth Fund (the &#8220;Fund&#8221;) </b><b>Investment Objective </b>The Fund seeks total return through a primary emphasis on growth<b>INVESTMENT OBJECTIVE </b>2010-08-02The Fund seeks to achieve long-term capital appreciation.with a secondary emphasis on income.<b>Fees and Expenses of the Fund </b><b>VULCAN VALUE PARTNERS SMALL CAP FUND (THE &#8220;FUND&#8221;) </b>This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.<b>FEES AND EXPENSES OF THE FUND </b>This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.<b>Shareholder Fees </b>(fees paid directly from your investment)INVESTMENT OBJECTIVE0.055<b>THE DISCIPLINED GROWTH INVESTORS FUND (the &#8220;Fund&#8221;) </b>0.010.01238-0.025513The Fund seeks long-term capital growth,8540and as a secondary objective, modest income with reasonable risk.FEES AND EXPENSESThis table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.11599<b>Shareholder Fees</b> (Paid directly from your investment)-0.02<b>Annual Fund Operating Expenses </b>(expenses that you pay each year as a percentage of the value of your investment)<b>Example </b><b>Annual Fund Operating Expenses</b><br/>(expenses that you pay each year as a percentage of the value of your investment)<div style="display:none">~ http://www.redmontfunds.com/role/ScheduleAnnualFundOperatingExpensesPathwayAdvisorsConservativeFund column period compact * ~</div><div style="display:none">~ http://www.redmontfunds.com/role/ScheduleExpenseExampleTransposedPathwayAdvisorsConservativeFund column period compact * ~</div>This example is intended to help you compare the costs of investing in the Fund with the cost of investing in other mutual funds. <br/><br/>The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:<b>Portfolio Turnover </b>The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund&#8217;s performance. For the fiscal year ended April 30, 2013, the Fund&#8217;s portfolio turnover rate was 10% of the average value of its portfolio.<b>Principal Investment Strategies of the Fund </b><b>Annual Fund Operating Expenses</b><br/> (expenses that you pay each year as a percentage of the value of your investment)<div style="display:none">~ http://www.redmontfunds.com/role/ScheduleShareholderFeesAspenManagedFuturesStrategyFund column period compact * ~</div><div style="display:none">~ http://www.redmontfunds.com/role/ScheduleAnnualFundOperatingExpensesAspenManagedFuturesStrategyFund column period compact * ~</div><div style="display:none">~ http://www.redmontfunds.com/role/ScheduleExpenseExampleTransposedAspenManagedFuturesStrategyFund column period compact * ~</div><div style="display:none">~ http://www.redmontfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedAspenManagedFuturesStrategyFund column period compact * ~</div>-0.02-0.020.00850.00850.00850.00850.01150.00190.00010.0135The Fund pursues its investment objective by normally investing approximately 60% of its assets in equity securities and approximately 40% in fixed-income securities and cash equivalents. The allocation to equity and fixed-income securities may vary widely from time to time, as market conditions warrant. The Fund may invest in both investment-grade and below investment-grade securities. The Fund&#8217;s fixed-income securities will generally have a weighted average maturity of five to 10 years, although Disciplined Growth Investors, Inc. (&#8220;DGI&#8221; or the &#8220;Adviser&#8221;) may cause the Fund to invest in fixed-income securities with a weighted average maturity greater than 10 years or less than five years, depending on market conditions. If the Adviser cannot find qualifying investments, the Fund may hold cash and short-term instruments. The Adviser seeks to invest primarily in U.S. companies but may invest in foreign companies from time to time. <br /><br />With respect to the equity portion of the portfolio, the Adviser seeks to generally invest in mid-sized companies with market capitalizations at the time of purchase greater than $1 billion and less than $10 billion. The Adviser employs a &#8220;bottom-up&#8221; approach to building a portfolio. The Adviser&#8217;s goal is to find stocks that it believes meet its criteria of sustainable competitive advantage relative to industry peers, long-term superior return on capital coupled with the financial ability to meet reasonable growth objectives. <br /><br />Fixed-income securities generally include corporate debt securities, U.S. Government obligations, mortgage-backed securities and other mortgage-related products and short-term securities. <br /><br />With respect to the fixed-income portion of the portfolio, the Adviser seeks to identify fundamental growth opportunities in specific fixed-income securities that offer relative value within the fixed-income markets. The Adviser&#8217;s decision making approach has both &#8220;top-down&#8221; (including duration/ maturity positioning, yield curve risk and sector/quality risk) and &#8220;bottom-up&#8221; (including credit research, quantitative analysis and trading) components. The Adviser&#8217;s sell discipline is managed through a combination of inputs from its maturity, sector and individual selection decisions.-0.0009<b>Principal Risks of the Fund </b>0.01260.012005-12-300.00350.32540.32390.010.00350.00150.43390.00370.34260.0235August 31, 2014<b>Pathway Advisors Conservative Fund (the &#8220;Fund&#8221;) </b>2.21-0.3191<b>Investment Objective </b>August 31, 20140.00250.007500.005A Contingent Deferred Sales Charge (&#8220;CDSC&#8221;) of 1.00% may apply to Class C shares redeemed within the first 12 months after a purchase.The following is a description of the principal risks of the Fund&#8217;s portfolio that may adversely affect its net asset value and total return. There are other circumstances (including additional risks that are not described here) which could prevent the Fund from achieving its investment objective. It is important to read all of the disclosure information provided and to understand that you may lose money by investing in the Fund. <ul type="square"><li> Managed Portfolio Risk &#8211; When choosing an actively managed mutual fund, it is generally important for investors to evaluate the investment adviser managing the fund. With respect to the Fund, performance of individual securities held by the Fund can vary widely. The investment decisions of the Fund&#8217;s Adviser may cause the Fund to underperform other investments or benchmark indices. The Fund may also underperform other mutual funds with similar investment strategies. The Fund&#8217;s Adviser may not buy chosen securities at the lowest possible price or sell securities at the highest possible prices. As with any mutual fund investment, there can be no guarantee that the Fund will achieve its investment goals. </li></ul><ul type="square"><li> Stock Market Risk &#8211; Equity prices fluctuate and may decline in response to developments at individual companies or general economic conditions. If the value of Fund&#8217;s investments goes down and you redeem your shares, you could lose money. While the ability to hold shares through periods of volatility may protect long-term investments from permanent loss, Fund investments might not be profitable either because the market fails to recognize the value or because the Adviser misjudged the value of the investment. </li></ul><ul type="square"><li> Mid-Capitalization Risk &#8211; The Fund may invest significantly in mid-capitalization stocks, which are often more volatile and less liquid than investments in larger companies. The frequency and volume of trading in securities of mid-size companies may be substantially less than is typical of larger companies. Therefore, the securities of mid-size companies may be subject to greater and more abrupt price fluctuations. In addition, mid-size companies may lack the management experience, financial resources and product diversification of larger companies, making them more susceptible to market pressures and business failure. </li></ul><ul type="square"><li> Growth Stock Risk &#8211; Securities of companies perceived to be &#8220;growth&#8221; companies may be more volatile than other stocks and may involve special risks. The price of a &#8220;growth&#8221; security may be impacted if the company does not realize its anticipated potential or if there is a shift in the market to favor other types of securities. </li></ul><ul type="square"><li> Industry Risk &#8211; The Fund may invest in companies related in such a way that they react similarly to certain market pressures. As a result, the Fund&#8217;s returns may be considerably more volatile than returns of a fund that does not invest in similarly related companies. </li></ul><ul type="square"><li> Non-U.S. Securities Risk &#8211; Non-U.S. securities are subject to the risks of foreign currency fluctuation, generally higher volatility and lower liquidity than U.S. securities, less developed securities markets and economic systems and political and economic instability. </li></ul><ul type="square"><li> Currency Risk &#8211; Fluctuations in exchange rates between the U.S. dollar and non-U.S. currencies may cause the value of the Fund&#8217;s non-U.S. investments to decline in terms of U.S. dollars. Additionally, certain of a Fund&#8217;s foreign currency transactions may give rise to ordinary income or loss to the extent such income or loss results from fluctuations in the value of the foreign currency. Funds that may invest in securities denominated in, or which receive revenues in, non-U.S. currencies are subject to this risk. </li></ul><ul type="square"><li> Fixed-Income Securities Risk &#8211; The Fund may hold debt and other fixed-income securities to generate income. Typically, the values of fixed-income securities will change inversely with prevailing interest rates. Therefore, a fundamental risk of fixed-income securities is interest rate risk, which is the risk that their value will generally decline as prevailing interest rates rise, which may cause the Fund&#8217;s net asset value to likewise decrease, and vice versa. How specific fixed-income securities may react to changes in interest rates will depend on the specific characteristics of each security. Fixed income securities are also subject to credit risk, prepayment risk, valuation risk and liquidity risk. </li></ul><ul type="square"><li> High-Yield/High-Risk Bond Risk &#8211; The Fund may invest without limit in higher-yielding/higher-risk bonds, also known as &#8220;junk&#8221; bonds. High-yield/high-risk bonds may be more sensitive than other types of bonds to economic changes, political changes or adverse developments specific to the company that issued the bond, which may adversely affect their value. </li></ul><ul type="square"><li> Allocation Risk &#8211; The asset classes in which the Fund seeks investment exposure can perform differently from each other at any given time (as well as over the long term), so the Fund will be affected by its allocation among equity and fixed-income securities. If the Fund favors exposure to an asset class during a period when that class underperforms, performance may be hurt. During periods of rapidly rising equity prices, the Fund might not achieve growth in its share prices to the same degree as funds focusing only on stocks. The Fund&#8217;s investments in stocks may make it more difficult to preserve principal during periods of stock market volatility.</li></ul><b>Performance Information </b>The following information provides some indication of the risks of investing in the Fund by showing how the Fund&#8217;s performance has varied over time. The bar chart depicts the change in performance from year to year during the periods indicated. The bar chart figures do not include any applicable sales charges that an investor may pay when they buy or sell shares of the Fund. If sales charges were included, the returns would be lower. The table compares the Fund&#8217;s average annual returns for the periods indicated to broad-based securities market indices. The indices are not actively managed and are not available for direct investment. The bar charts and performance tables assume reinvestment of dividends and distributions. The Fund&#8217;s past performance does not necessarily indicate how it will perform in the future. Updated performance information is available on the Fund&#8217;s website at www.dgifund.com.0.00520.00650.00420.005<b>EMERALD BANKING AND FINANCE FUND (THE &#8220;FUND&#8221;)</b>Expenses have been restated to reflect current fees.0.00150.0025000.00370.0040.00420.005<b>EXAMPLE </b><b>INVESTMENT OBJECTIVE </b><b>Fees and Expenses of the Fund </b>0.00960.00960.00960.0096<b>Annual Total Returns</b> (years ended 12/31)<br/>Class I SharesThis example is intended to help you compare the costs of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.You may qualify for certain sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund.0.2270.22080.14850.2750.29720.29210.15830.3134The Fund seeks long-term growth through capital appreciation.-0.0802-0.0982-0.07650.1357-0.0673-0.0741-0.0118-0.0407Income is a secondary objective.STONEBRIDGE SMALL-CAP GROWTH FUND (THE &#8220;FUND&#8221;)<b>Average Annual Total Returns </b>(for the period ended December 31, 2012)<b>FEES AND EXPENSES OF THE FUND </b><b>SUMMARY SECTION <br/><br/>GRANDEUR PEAK INTERNATIONAL OPPORTUNITIES FUND (THE &#8220;FUND&#8221;) </b>-0.0802-0.0982-0.07650.1357-0.0673-0.0741-0.0118-0.0407<b>INVESTMENT OBJECTIVE </b><b>Number of Years<br/> You Own Your Shares</b>The Fund&#8217;s investment objective is long-term growth of capital.<b>Annual Fund Operating Expenses </b><br/>(expenses that you pay each year as a percentage of the value of your investment)After-tax returns are calculated using the historically highest individual U.S. federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your individual tax situation and may differ from those shown in the preceding table. The after-tax return information shown above does not apply to Fund shares held through a tax-deferred account, such as a 401(k) plan or an IRA.<b>FEES AND EXPENSES OF THE PORTFOLIO </b>This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.50000<b>Shareholder Fees</b> (FEES PAID DIRECTLY FROM YOUR INVESTMENT)0.01This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for certain sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund. More information about these and other discounts is available from your financial professional, in the section &#8220;BUYING, EXCHANGING AND REDEEMING SHARES&#8221; at page 18 of the prospectus and the section &#8220;PURCHASE, EXCHANGE &amp; REDEMPTION OF SHARES&#8221; at page 32 of the Fund&#8217;s statement of additional information.<b>Annual Fund Operating Expenses</b><br/>(EXPENSES THAT YOU PAY EACH YEAR AS A PERCENTAGE OF THE VALUE OF YOUR INVESTMENT)0.0035If you invest $1 million or more, either as a lump sum or through the Fund&#8217;s accumulation or letter of intent programs, you can purchase Class A shares without an initial sales charge (load); however, a Contingent Deferred Sales Charge (&#8220;CDSC&#8221;) of 1.00% may apply to Class A shares redeemed within the first 18 months after a purchase in excess of $1 million.August 31, 2014<b>EXAMPLE </b>You would pay the following expenses if you did not redeem your shares:0.4827<b>Number of Years You Own Your Shares</b>This example helps you compare the costs of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same. Any agreement by the Adviser to waive fees is only included for the one-year period in the expense example. Although your actual costs may be higher or lower, based on these assumptions your cost would be:A Contingent Deferred Sales Charge (&#8220;CDSC&#8221;) of 1.00% may apply to Class C shares redeemed within the first 12 months.-0.02<b>PORTFOLIO TURNOVER </b>The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and, for U.S. federal income tax purposes, may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund&#8217;s performance. For the fiscal year ended April 30, 2013, the Fund&#8217;s portfolio turnover rate was 52% of the average value of its portfolio.<b>Shareholder Fees </b>(fees paid directly from your investment)0.00150.520.00780August 31, 20147974242242740.0001<b>PRINCIPAL INVESTMENT STRATEGIES OF THE FUND </b>The Fund invests primarily in foreign small and micro cap companies. <br /><br />Under normal market conditions, the Adviser will invest the Fund&#8217;s assets primarily in equity securities of foreign companies with market capitalizations of less than $2.5 billion at the time of purchase. Under normal market conditions, the Fund will invest in at least five of the countries included in the MSCI AC World Ex-U.S.A. Small Cap Index. <br /><br />The Fund may invest a significant amount of its total assets (10% to 60% under normal market conditions) at the time of purchase in securities issued by companies domiciled in emerging markets. Emerging market countries are those currently included in the Morgan Stanley Capital International (MSCI) EFM (Emerging + Frontier Markets) IMI Index. These companies typically are domiciled in the Asia-Pacific region, Eastern Europe, the Middle East, Central and South America, and Africa. Domicile is determined by where the company is organized, located, has the majority of its assets, or receives the majority of its revenue. <br /><br />The Adviser uses a process of quantitative screening of the financial trends and health of each company in its investment universe, followed by &#8220;bottom up&#8221; fundamental analysis to identify growth companies that it believes to be best-in-class among their global peers. This fundamental analysis generally includes studying the company, its industry, and its competitors, as well as talking with the management team. The Adviser travels extensively outside of the United States to visit companies and expects to meet with senior management. <br /><br />At times, the Fund may invest in early stage companies with limited or no earnings history if the Adviser believes they have outstanding long-term growth potential. The Fund may also invest in Initial Public Offerings (IPOs). <br /><br />The Fund is non-diversified and may invest a large percentage of its assets in a few sectors.0.0079<b>PRINCIPAL RISKS OF THE FUND </b><b>Investment Objective</b><b>Fees and Expenses Of The Fund</b>All investments carry some degree of risk that will affect the value of the Fund, its investment performance and the price of its shares. As a result, you may lose money if you invest in the Fund. <br /><br />The shares offered by this Prospectus are not deposits or obligations of any bank, are not endorsed or guaranteed by any bank and are not insured or guaranteed by the U.S. government, the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency. <br /><br />The Fund is subject to the following principal investment risks:<br /><br /><b>Stock Market Risk.</b> The Fund&#8217;s investments may decline due to movements in the overall stock market.<br /><br /><b>Stock Selection Risk.</b> The Fund&#8217;s investments may decline in value even when the overall stock market is not in a general decline.<br /><br /><b>Foreign Securities Risk.</b> Foreign securities are generally more volatile and less liquid than U.S. securities. Further, foreign securities may be subject to additional risks not associated with investment in U.S. securities due to differences in the economic and political environment, the amount of available public information, the degree of market regulation, and financial reporting, accounting and auditing standards, and, in the case of foreign currency-denominated securities, fluctuations in currency exchange rates.<br /><br /><b>Emerging Markets Risk.</b> In addition to the risks of investing in foreign securities in general, the risks of investing in the securities of companies domiciled in emerging market countries include increased political or social instability, economies based on only a few industries, unstable currencies, runaway inflation, highly volatile securities markets, unpredictable shifts in policies relating to foreign investments, lack of protection for investors against parties who fail to complete transactions, and the potential for government seizure of assets or nationalization of companies.<br /><br /><b>Micro Cap and Small Company Stock Risk.</b> Micro cap and small company stocks may be very sensitive to changing economic conditions and market downturns.<br /><br /><b>Managed Portfolio Risk.</b> The Adviser&#8217;s investment strategies or choice of specific securities may be unsuccessful and may cause the Fund to incur losses.<br /><br /><b>Early Stage Companies Risk.</b> Early stage companies may never obtain necessary financing, may rely on untested business plans, may not be successful in developing markets for their products or services, and may remain an insignificant part of their industry, and as such may never be profitable. Stocks of early stage companies may be illiquid, privately traded and more volatile and speculative than the securities of larger companies.<br /><br /><b>Growth Stock Risk.</b> Growth stock prices may be more sensitive to changes in current or expected earnings than the prices of other stocks, and they may fall or not appreciate in step with the broader securities markets.<br /><br /><b>Sector Weightings Risk.</b> Market conditions, interest rates and economic, regulatory or financial developments could significantly affect all the securities in a single sector. If the Fund invests in a few sectors, it may have increased relative exposure to the price movements of those sectors.<br /><br /><b>Initial Public Offerings (IPOs) Risk.</b> IPOs involve a higher degree of risk because companies involved in IPOs generally have limited operating histories and their prospects for future profitability are uncertain. Prices of IPOs may also be unstable due to the absence of a prior public market, the small number of shares available for trading and limited investor information.As a result, you may lose money if you invest in the Fund.You may qualify for certain sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund.128Shareholder Fees (fees paid directly from your investment)41950000The shares offered by this Prospectus are not deposits or obligations of any bank, are not endorsed or guaranteed by any bank and are not insured or guaranteed by the U.S. government, the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency.730<b>PERFORMANCE INFORMATION </b>The following information provides some indication of the risks of investing in the Fund by showing how the Fund&#8217;s performance has varied over time. The bar chart depicts the change in performance from year to year during the periods indicated. The bar chart figures do not include any applicable sales charges that an investor may pay when they buy or sell shares of the Fund. If sales charges were included, the returns would be lower. The table compares the Fund&#8217;s average annual returns for the periods indicated to broad-based securities market indices. The indices are not actively managed and are not available for direct investment. The bar charts and performance tables assume reinvestment of dividends and distributions. The Fund&#8217;s past performance does not necessarily indicate how it will perform in the future. Updated performance is available on the Fund&#8217;s website www.grandeurpeakglobal.com or by calling 855-377-PEAK(7325).1614<b>Annual Total Returns</b> (years ended 12/31)81Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)Example252<b>Portfolio Turnover</b>0.0475000It is important to read all the disclosure information provided and to understand that you may lose money by investing in the Fund.0.3266439<b>Principal Investment Strategies Of The Fund</b>9770.4324<b>Principal Risks Of The Fund</b><ul type="square"><li><b>Diversification Risk.</b> The Fund is &#8220;non-diversified,&#8221; which means that it may own larger positions in a smaller number of securities than funds that are &#8220;diversified.&#8221; This means that an increase or decrease in the value of a single security likely will have a greater impact on the Fund&#8217;s net asset value and total return than a diversified fund.</li></ul>0.00150.0050.01000.00480.45220.1554The following information provides some indication of the risks of investing in the Fund by showing how the Fund&#8217;s performance has varied over time.-0.42760.0246www.alpsfunds.com0.15540.15220.10320.160.17950.17690.15250.1737866.759.5679The Fund&#8217;s past performance does not necessarily indicate how it will perform in the future.<b>Example </b>This example is intended to help you compare the costs of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same. The example takes into consideration the agreement by the Adviser to waive fees and reimburse expenses. Although your actual costs may be higher or lower, based on these assumptions your costs would be:The bar chart figures do not include any applicable sales charges that an investor may pay when they buy or sell shares of the Fund. If sales charges were included, the returns would be lower.After-tax returns are calculated using the historically highest individual U.S. federal marginal income tax rates and do not reflect the impact of state and local taxes.2496503947011732Actual after-tax returns depend on your individual tax situation and may differ from those shown in the table below. The after-tax return information shown below does not apply to Fund shares held through a tax-deferred account, such as a 401(k) plan or an IRA.2011-08-122011-08-122011-08-12<table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"><tr><td valign="top">Best Quarter &#150; March&nbsp;31, 2012</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">17.62</td><td valign="bottom" nowrap="nowrap">%&nbsp;</td> <td valign="bottom"></td></tr> <tr> <td valign="top"> Worst Quarter &#150; June&nbsp;30, 2012</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">-4.85</td> <td valign="bottom" nowrap="nowrap">%&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom"></td></tr></table><br/>The Fund&#8217;s Investor Class shares year-to-date return as of June&nbsp;30, 2013 was 8.66%.year-to-date return2013-06-30After-tax returns are only shown for Class A Shares of the Fund. After-tax returns for Class C Shares and Class I Shares will vary from those shown for Class A Shares due to varying sales charges and expenses among the classes.0.0866Best Quarter2012-03-310.1762Worst Quarter2012-06-30-0.0485<b>Portfolio Turnover </b>1284197301614<b>Performance Information</b>Calendar Year Annual Returns<b>Average Annual Total Returns </b><br/>(for the period ended December 31, 2012)After-tax returns are calculated using the historically highest individual U.S. federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your individual tax situation and may differ from those shown in the preceding table. The after-tax return information shown above does not apply to Fund shares held through a tax-deferred account, such as a 401(k) plan or an IRA.<br/><br/>After-tax returns are only shown for Investor Class shares of the Fund. After-tax returns for Institutional Class shares will vary from those shown for Investor Class shares due to varying sales charges and expenses among the classes.Average Annual Total Returns (for the periods ended December 31, 2012)<b>PORTFOLIO TURNOVER </b>1308989695861855-377-PEAK(7325)year-to-date returnwww.grandeurpeakglobal.com2013-06-30The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund&#8217;s performance. During the most recent fiscal year, the Fund&#8217;s turnover rate was 57% of the average value of its portfolio.0.0005Best QuarterThe Fund&#8217;s past performance does not necessarily indicate how it will perform in the future.2009-06-300.2682It is important to read all of the disclosure information provided and to understand that you may lose money by investing in the Fund.Worst Quarter0.57After-tax returns are calculated using the historically highest individual U.S. federal marginal income tax rates and do not reflect the impact of state and local taxes.2008-03-31-0.2103The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and, for U.S. federal income tax purposes, may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund&#8217;s performance. During the fiscal period July 30, 2012 (inception) through April 30, 2013, the Fund&#8217;s turnover rate was 31% of the average value of its portfolio.<b>PRINCIPAL INVESTMENT STRATEGIES OF THE FUND </b>Actual after-tax returns depend on your individual tax situation and may differ from those shown in the preceding table. The after-tax return information shown above does not apply to Fund shares held through a tax-deferred account, such as a 401(k) plan or an IRA.0.4812<b>Principal Investment Strategies of the Fund </b>1844167711921474<b>Example </b>0.00380.5This example is intended to help you compare the costs of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same. The example takes into consideration the agreement by the Adviser to waive fees and reimburse expenses. Although your actual costs may be higher or lower, based on these assumptions your costs would be:The bar chart figures do not include any applicable sales charges that an investor may pay when they buy or sell shares of the Fund. If sales charges were included, the returns would be lower.<b>Pathway Advisors Growth and Income Fund (the &#8220;Fund&#8221;) </b><b>Investment Objective </b><b>Number of Years You Own Your Shares</b>-0.4764-0.02-0.02The Fund seeks total return through growth of capital and income.<b>Portfolio Turnover </b>The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and, for U.S. federal income tax purposes, may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund&#8217;s performance. During the fiscal period July 30, 2012 (inception) through April 30, 2013, the Fund&#8217;s turnover rate was 18% of the average value of its portfolio.0.0236<b>Fees and Expenses of the Fund </b>0.180.01250.0125August 31, 20140.00250The Stonebridge Small-Cap Growth Fund (the &#8220;Fund&#8221;) seeks long-term growth of capital.<b>Principal Investment Strategies of the Fund </b>33003508255931260.00350.0035This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.The Vulcan Value Partners Small Cap Fund seeks to achieve long term capital appreciation by investing primarily in publicly traded small-cap companies the Fund believes to be both undervalued and possessing a sustainable competitive advantage. <br /><br />The Fund views equity investments as ownership in a business enterprise and approaches investing as long-term partial ownership of businesses. The Fund seeks to purchase publicly traded companies at significant discounts to intrinsic worth. The Fund seeks to invest for the long term, limiting the selection of qualifying investments to good businesses with identifiable, sustainable competitive advantages to maximize returns and to minimize risk. The Fund generally defines risk as the probability of permanently losing capital over a five-year period. <br /><br />The Fund generally sells stocks when they approach their appraised value. The Fund seeks to determine business or intrinsic value through disciplined financial analysis. The Fund believes that equities purchased at prices substantially less than their intrinsic worth generally afford capital protection from significant permanent loss and also create the possibility of substantial appreciation if the market recognizes the company&#8217;s economic value. <br /><br />This portfolio strategy invests in companies with smaller market capitalizations. While the Fund does not have any defined cutoffs, the Fund generally uses the Russell 2000<sup >&#174;</sup> as a guide to define the universe of small capitalization companies, and any small publicly traded company with reasonable economics would be a potential investment in this portfolio. As of May 31, 2013, the latest reconstitution date, the median market capitalization of the Russell 2000<sup>&#174;</sup> index was approximately $594 million, the top of this range was approximately $3.298 billion. The Vulcan Value Partners Small Cap Fund&#8217;s capitalization range will change over time. Once the Fund owns a company, the Fund will not necessarily sell it just because it has grown to a size that the Fund would not consider to be small cap. A core position in the Fund is generally approximately 5% of the Fund&#8217;s portfolio, so that theoretically the Fund would seek to hold about 20 companies, spread across various industries. Because it is rare that the Fund would find exactly 20 companies meeting its investment guidelines, concentration will vary with the price to value ratio of specific companies. The Fund may invest in positions as small as less than 1% when price to value ratios are higher. The Fund generally will not invest in any business that is trading above the Fund&#8217;s estimate of its fair value. Most of these securities are listed on the major securities exchanges. The Fund may invest up to 30% of assets in publicly traded foreign securities and may hold up to 10% of net assets in illiquid securities. If investments meeting the Fund&#8217;s criteria are not available, the Fund may invest the Fund&#8217;s assets temporarily in obligations of the U.S. government and its agencies, or in other money market instruments.<br />0.00070.00070.01920.0167This example is intended to help you compare the costs of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). For U.S. federal income tax purposes, a higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund&#8217;s performance. For the fiscal year ended April 30, 2013, the Fund&#8217;s portfolio turnover rate was 89% of the average value of its portfolio.-0.001-0.001<b>PRINCIPAL RISKS OF THE FUND </b>0.01820.0157<b>Example </b>This example is intended to help you compare the costs of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same. The example takes into consideration the agreement by the Adviser to waive fees and reimburse expenses. Although your actual costs may be higher or lower, based on these assumptions your costs would be:The following information provides some indication of the risks of investing in the Fund by showing how the Fund&#8217;s performance has varied over time.<b>Portfolio Turnover </b>The Fund is structured as a fund-of-funds. Under normal circumstances, the Fund pursues its objective by investing primarily in a managed portfolio of other open-end investment companies registered under the Investment Company of 1940, as amended (the &#8220;1940 Act&#8221;), that represent a variety of asset classes and investment styles. The Fund may also invest in closed-end funds and exchange-traded funds. Collectively, the investment companies in which the Fund may invest are referred to as &#8220;underlying funds.&#8221; <br/><br/>The Fund pursues its objective &#8211; seeking total return through a primary emphasis on income with a secondary emphasis on growth of capital &#8211; by investing in a diversified portfolio of underlying funds resulting in an allocation of the Fund&#8217;s investments that normally provides exposure of approximately 15% to 35% to equity securities of large-, mid- and small-capitalization companies and 65% to 85% to fixed-income securities, with a neutral allocation to equity securities of 25% and to fixed-income securities of 75%. The Fund may also invest in exchange-traded notes to access the returns of market benchmarks.The Fund&#8217;s past performance does not necessarily indicate how it will perform in the future.1.36www.dgifund.comThe Fund invests primarily in common stocks of companies that Stonebridge Capital Management, Incorporated (the &#8220;Adviser&#8221; or &#8220;Stonebridge&#8221;), the investment adviser of the Fund, believes have good prospects for superior earnings growth. <br /><br />The Fund invests at least 80% of its assets in small capitalization companies that the Adviser believes may have higher growth rates than larger companies. The Adviser employs a fundamental, research-driven and bottom-up process for picking common stocks of companies from a universe of potential investments that typically contains over 3,000 publicly traded small-cap companies with market capitalizations at the time of purchase of between $100 million and $3 billion. This potential investment universe is typically pared with a preference for companies with strong balance sheets, high/growing return on invested capital, positive free cash flow, and earnings growth in excess of 20%. The Adviser may further refine this investment universe based upon certain qualitative and quantitative criteria, such as novel technologies/products, leading/growing market share, operating leverage, competitive advantages and the current position in the economic cycle. As a result of this process and further fundamental analysis, the Adviser seeks to identify approximately 30 - 50 stocks that it believes are likely to enable the Fund to achieve its investment objectives. The Adviser generally will purchase an investment for the Fund from this selected group of possible investments if it meets the aforementioned criteria and if, in the Adviser&#8217;s view, there is significant potential for the stock to generate excess returns based on the Adviser&#8217;s proprietary target price for that stock. <br /><br />The Fund currently invests a significant portion of its total assets in technology companies and in companies engaged in the development, production and distribution of health care products and services. The Fund may continue to make such investments in the future. The Fund may invest up to 10% of its total assets in the securities of foreign issuers, all of which may be in securities of foreign companies located in countries with emerging securities markets. The weighted average market capitalization of the Fund&#8217;s portfolio at any time, on a cost basis, will be below $3 billion. Please review the remainder of this Prospectus and the Statement of Additional Information for more detailed descriptions of these principal investments and other securities in which the Fund may invest.It is important to read all the disclosure information provided and to understand that you may lose money by investing in the Fund.The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and, for U.S. federal income tax purposes, may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund&#8217;s performance. During the fiscal period July 30, 2012 (inception) through April 30, 2013, the Fund&#8217;s turnover rate was 5% of the average value of its portfolio.The bar chart figures do not include any applicable sales charges that an investor may pay when they buy or sell shares of the Fund. If sales charges were included, the returns would be lower.797324224274After-tax returns are only shown for Investor Class shares of the Fund. After-tax returns for Institutional Class shares will vary from those shown for Investor Class shares due to varying sales charges and expenses among the classes.<b>Annual Fund Operating Expenses </b><br/>(expenses that you pay each year as a percentage of the value of your investment)The following information provides some indication of the risks of investing in the Fund by showing how the Fund&#8217;s performance has varied over time. The performance shown prior to February 15, 2013 reflects the performance of the Stonebridge Institutional Small-Cap Growth Fund, a series of the Stonebridge Funds Trust (the &#8220;Predecessor Institutional Fund&#8221;), as a result of a prior reorganization of the Predecessor Institutional Fund into the Fund, without the effect of any fee and expense limitations or waivers. The Fund also undertook a reorganization with the Stonebridge Small-Cap Growth Fund (the &#8220;Predecessor Investor Fund&#8221;) around the same time as its reorganization with the Predecessor Institutional Fund. The Fund&#8217;s performance information reflects the track record of the Predecessor Institutional Fund only. The Predecessor Investor Fund and the Predecessor Institutional Fund were both managed by the Adviser and had identical investment objectives, strategies and risks. The Adviser managed them in a substantially similar faction. <br /><br />The bar chart depicts the change in performance from year to year during the periods indicated. The bar chart figures do not include any applicable sales charges that an investor may pay when they buy or sell shares of the Fund. If sales charges were included, the returns would be lower. The table compares the average annual returns for the Predecessor Institutional Fund over the periods indicated to a broad-based securities market index. The index is not actively managed and is not available for direct investment. The bar charts and performance tables assume reinvestment of dividends and distributions. The Fund&#8217;s past performance (including the performance of the Predecessor Institutional Fund) does not necessarily indicate how it will perform in the future. Updated performance information is available by calling 1-800-639-3935.The following is a description of the principal risks of the Fund&#8217;s portfolio that may adversely affect its net asset value and total return. Unless otherwise stated, these risks apply to the Fund. There are other circumstances (including additional risks that are not described here) which could prevent the Fund from achieving its investment objective. It is important to read all of the disclosure information provided and to understand that you may lose money by investing in the Fund.<ul type="square"><li>Stock Market Risk &#8211; The value of equity securities in the Fund&#8217;s portfolio will fluctuate and, as a result, the Fund&#8217;s share price may decline suddenly or over a sustained period of time. </li><li>Business Ownership Risk - The Fund treats investing as partial ownership of qualifying businesses. As partial owners of these companies, the Fund faces the risks inherent in owning a business.</li><li>Small-Size Company Risk &#8211; The Fund may invest in the securities of companies with small market capitalizations. Small-sized companies may have more limited product lines, markets, and financial resources than larger companies. In addition, their securities may trade less frequently and in more limited volume than those of larger companies. Small-cap stocks may be more volatile than those of larger companies and, where trading volume is thin, the ability to dispose of such securities may be more limited. Because the Fund normally invests at least 80% of its net equity assets in securities of smaller companies, these risks may be increased. </li><li>Non-diversification Risk &#8211; The Fund is classified as non-diversified. As a result, an increase or decrease in the value of a single security may have a greater impact on the Fund&#8217;s NAV and total return. Being non-diversified may also make the Fund more susceptible to financial, economic, political or other developments that may impact a security. Although the Fund may from time to time satisfy the requirements for a diversified fund, its non-diversified classification gives the Fund&#8217;s portfolio managers more flexibility to hold larger positions in a smaller number of securities than a fund that is classified as diversified. </li><li>Non-U.S. Securities Risk &#8211; Non-U.S. securities are subject to the risks of foreign currency fluctuations, generally higher volatility and lower liquidity than U.S. securities, less developed securities markets and economic systems and political and economic instability. </li><li>Currency Risk &#8211; The value of the Fund&#8217;s investments may fall as a result of changes in exchange rates. </li><li>Managed Portfolio Risk &#8211; The manager&#8217;s investment strategies or choice of specific securities may be unsuccessful and may cause the Fund to incur losses.</li></ul>After-tax returns are calculated using the historically highest individual U.S. federal marginal income tax rates and do not reflect the impact of state and local taxes.239<b>Number of Years You Own Your Shares</b>68499751If you invest $1 million or more, either as a lump sum or through the Fund&#8217;s accumulation or letter of intent programs, you can purchase Class A shares without an initial sales charge (load); however, a Contingent Deferred Sales Charge (&#8220;CDSC&#8221;) of 1.00% may apply to Class A shares redeemed within the first 18 months after a purchase in excess of $1 million.It is important to read all of the disclosure information provided and to understand that you may lose money by investing in the Fund.185160The Fund is structured as a fund-of-funds. Under normal circumstances, the Fund pursues its objective by investing primarily in a managed portfolio of other open-end investment companies registered under the Investment Company of 1940, as amended (the &#8220;1940 Act&#8221;), that represent a variety of asset classes and investment styles. The Fund may also invest in closed-end funds and exchange-traded funds. Collectively, the investment companies in which the Fund may invest are referred to as &#8220;underlying funds.&#8221; <br/><br/>The Fund pursues its objective &#8211; seeking total return through growth of capital and income &#8211; by investing in a diversified portfolio of underlying funds resulting in an allocation of the Fund&#8217;s investments that normally provides exposure of approximately 45% to 65% to equity securities of large-, mid- and small-capitalization companies and 35% to 55% to fixed-income securities, with a neutral allocation to equity securities of 55% and to fixed-income securities of 45%. The Fund may also invest in exchange-traded notes to access the returns of market benchmarks.5935171027897<b>Principal Investment Strategies of the Fund </b>22321965Actual after-tax returns depend on your individual tax situation and may differ from those shown in the preceding table. The after-tax return information shown above does not apply to Fund shares held through a tax-deferred account, such as a 401(k) plan or an IRA.<ul type="square"><li>Non-diversification Risk &#8211; The Fund is classified as non-diversified. As a result, an increase or decrease in the value of a single security may have a greater impact on the Fund&#8217;s NAV and total return. Being non-diversified may also make the Fund more susceptible to financial, economic, political or other developments that may impact a security. Although the Fund may from time to time satisfy the requirements for a diversified fund, its non-diversified classification gives the Fund&#8217;s portfolio managers more flexibility to hold larger positions in a smaller number of securities than a fund that is classified as diversified. </li></ul><b>PERFORMANCE INFORMATION </b><b>Performance Information </b>1308989695861As of the date of this Prospectus, the Fund has not yet completed a full calendar year of investment operations, when the Fund has completed a full calendar year of investment operations, this section will include charts that show annual total returns, highest and lowest quarterly returns and average annual total returns (before and after taxes) compared to a benchmark selected for the Fund. Updated performance information is available on the Fund&#8217;s website at www.pathwayadvisorfunds.com or by calling (888) 288-1121.0.32660.32430.21370.33290.19370.02580.03210.02230.02810.22740.22560.19330.23220.1137<div style="display:none">~ http://www.redmontfunds.com/role/ScheduleShareholderFeesCloughChinaFund column period compact * ~</div>
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-0.001-0.000200If you invest $1 million or more, either as a lump sum or through the Fund&#8217;s accumulation or letter of intent programs, you can purchase Class A shares without an initial sales charge (load); however, a Contingent Deferred Sales Charge (&#8220;CDSC&#8221;) of 1.00% may apply to Class A shares redeemed within the first 18 months after a purchase in excess of $1 million.<div style="display:none">~ http://www.redmontfunds.com/role/ScheduleExpenseExampleNoRedemptionTransposedCloughChinaFund column period compact * ~</div>
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0.02710.02210.03210.0258August 31, 2014<div style="display:none">~ http://www.redmontfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedCloughChinaFund column period compact * ~</div>
Best Quarter &#150; March 31, 2012&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.64%<br/>Worst Quarter &#150; June 30, 2012&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-4.24%<br/><br/>The Fund&#8217;s Class I share year-to-date return as of June 30, 2013 was 7.27%.The following information provides some indication of the risks of investing in the Fund by showing how the Fund&#8217;s performance has varied over time.<b>INVESTMENT OBJECTIVE </b>The Fund&#8217;s investment objective is long-term growth of capital.The following information provides some indication of the risks of investing in the Fund by showing how the Fund&#8217;s performance has varied over time.2011-10-172011-10-172011-10-172011-10-17<b>FEES AND EXPENSES OF THE FUND</b>The bar chart figures do not include any applicable sales charges that an investor may pay when they buy or sell shares of the Fund. If sales charges were included, the returns would be lower.year-to-date return2013-06-300.0727Best Quarter2012-03-310.1264866.759.5679This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.Worst Quarter2012-06-30-0.0424www.alpsfunds.com<b>Annual Fund Operating Expenses </b>(expenses that you pay each year as a percentage of the value of your investment)The following information provides some indication of the risks of investing in the Fund by showing how the Fund&#8217;s performance has varied over time.0.010.010.010.010.28960.00350.00750.00250.01480.25111730The following is a description of the principal risks of the Fund&#8217;s portfolio that may adversely affect its net asset value and total return. There are other circumstances (including additional risks that are not described here) which could prevent the Fund from achieving its investment objective. It is important to read all the disclosure information provided and to understand that you may lose money by investing in the Fund.<br/><br/><b>Risks of the Fund</b><ul type="square"><li>Fund-of-Funds Structure Risk &#8211; There are certain risks associated with the use of a fund-of funds structure. These risks include, but are not limited to:</li></ul><blockquote><ul type="square"><li>Expenses. Your cost of investing in the Fund may be higher than the cost of investing directly in the underlying funds. In addition, costs may be higher than mutual funds that invest directly in stocks and bonds.</li></ul><ul type="square"><li>Allocation Risk. The Fund may be prevented from fully allocating assets to an underlying fund due to regulatory limitations which may impact a fund-of-funds. The Fund is subject to the risk that the Adviser may allocate assets to an asset class that underperforms other asset classes or that the asset allocation selected by the Adviser may fail to perform as expected.</li></ul><ul type="square"><li>Underlying Fund Risk. All risks associated with an underlying fund are applicable to the Fund. In addition, the Adviser&#8217;s assumptions about an underlying fund may be incorrect in view of actual market conditions. An underlying fund may experience large purchases or redemptions that could affect the performance of the Fund.</li></ul><ul type="square"><li>Transparency Risk. The underlying funds are not managed by the Adviser, and the Adviser has access to information regarding the underlying fund&#8217;s investments to the extent the underlying fund&#8217;s adviser makes it available.</li></ul></blockquote><ul type="square"><li>Managed Portfolio Risk &#8211; The Adviser&#8217;s investment strategies or choice of specific securities may be unsuccessful and may cause the Fund to incur losses.</li></ul><ul type="square"><li>Market Risk &#8211; The Fund&#8217;s share price can move down in response to stock market conditions, changes in the economy or changes in a particular underlying fund&#8217;s share price. An underlying fund may decline in value even when the values of stocks or bonds in general are rising. The value of a security may decline due to general market conditions which are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. They may also decline due to factors which affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry. Overall financial market risks affect the value of the underlying funds and thus the share price of the Fund. Factors such as domestic, economic growth and market conditions, interest rate levels and political events affect the securities markets.</li></ul><ul type="square"><li>Exchange-Traded and Closed-End Fund Risk &#8211; The risks of investment in other investment companies typically reflect the risk of the types of securities in which the underlying funds invest. Investments in exchange-traded funds (&#8220;ETFs&#8221;) and closed-end funds are subject to the additional risk that shares of the underlying fund may trade at a premium or discount to their net asset value per share. When the Fund invests in another investment company, shareholders of the Fund bear their proportionate share of the other investment company&#8217;s fees and expenses as well as their share of the Fund&#8217;s fees and expenses. There may also not be an active trading market available for shares of some ETFs or closed-end funds.</li></ul><ul type="square"><li>Exchange-Traded Note Risk &#8211; The returns of exchange-traded notes (&#8220;ETNs&#8221;) are based on the performance of a specified market index minus applicable fees. The risks of ETNs include the risk of the reference index. The value of an ETN is also subject to the credit risk of the issuer. Thus, the value of an ETN may drop due to a decline in an issuer&#8217;s credit quality or a downgrade in the issuer&#8217;s credit rating, even if there is no change or an increase in the reference index. ETNs are subject to the additional risk that notes may trade at a premium or discount to their reference index. When the Fund invests in an ETN, shareholders of the Fund bear their proportionate share of the ETNs&#8217; fees and expenses as well as their share of the Fund&#8217;s fees and expenses. There may also not be an active trading market available for some ETNs.</li></ul><b>Risks Associated with Underlying Funds </b><ul type="square"><li>Credit Risk &#8211; Credit risk (also called default risk) is the risk that the issuer of a security will not be able to make principal and interest payments on a debt issue. The credit ratings of issuers could change and negatively affect an underlying fund&#8217;s (and indirectly, the Fund&#8217;s) share price or yield. When underlying funds use derivatives instruments to seek credit exposure to underlying issuers, the underlying funds are subject to the credit risk of both the underlying issuer(s) and the counterparty (typically a broker or bank) to the instrument. When underlying funds invest in asset-backed securities, mortgage-backed securities and collateralized mortgage obligations, the underlying funds are subject to the credit risks of the underlying assets that collateralize the instrument.</li></ul><ul type="square"><li>Commodity Risk &#8211; Investing in commodities linked instruments, such as exchange-traded notes, may subject an underlying fund to greater volatility than investments in traditional securities. Commodities include energy, metals, agricultural products, livestock and minerals. Underlying funds may buy certain commodities (such as gold) or may invest in commodity linked derivative instruments. The value of commodities and commodity contracts are affected by a variety of factors, including global supply and demand, changes in interest rates, commodity index volatility, and factors affecting a particular industry or commodity.</li></ul><ul type="square"><li>Currency Risk &#8211; The value of the securities held by an underlying fund may be affected by changes in exchange rates or control regulations. If a local currency gains against the U.S. dollar, the value of the security increases in U.S. dollar terms. If a local currency declines against the U.S. dollar, the value of the security decreases in U.S. dollar terms.</li></ul><ul type="square"><li>Derivatives Risk &#8211; Risks associated with derivatives may include the risk that the derivative is not well correlated with the security, index or currency to which it relates, the risk that derivatives may not have the intended effects and may result in losses or missed opportunities, the risk that an underlying fund will be unable to sell the derivative because of an illiquid secondary market, the risk that a counterparty is unwilling or unable to meet its obligations, and the risk that the derivative transaction could expose the underlying fund to the effects of leverage, which could increase the underlying fund&#8217;s exposure to the market and magnify potential losses. There is no guarantee that derivatives, to the extent employed, will have the intended effect, and their use could cause lower returns or even losses to the underlying fund. The use of derivatives by an underlying fund to hedge risk may reduce the opportunity for gain by offsetting the positive effect of favorable price movements. The use of derivatives can magnify gains or losses.</li></ul><ul type="square"><li>Small- to Mid-Capitalization Companies Risk &#8211; An underlying fund&#8217;s investments in securities of companies with small- to mid-sized market capitalizations can present higher risks than do investments in securities of larger companies. Prices of such securities can be more volatile than the securities of larger capitalization firms and can be more thinly traded. This may result in such securities being less liquid.</li></ul><ul type="square"><li>Fixed-Income Risk &#8211; Investing in underlying funds that invest long or short in fixed-income securities subjects the Fund to additional risks that include credit risk, interest risk, maturity risk, investment-grade securities risk, municipal securities risk and prepayment risk. These risks could affect the value of a particular investment by the Fund, possibly causing the Fund&#8217;s share price and total return to be reduced and fluctuate more than other types of investments.</li></ul><ul type="square"><li>Interest Rate Risk &#8211; An underlying fund&#8217;s investments in fixed-income securities may decline in value because of changes in interest rates. As nominal interest rates rise, the value of fixed-income securities held by an underlying fund (and indirectly, by the Fund) are likely to decrease.</li></ul><ul type="square"><li>Foreign Securities Risk &#8211; Investing in underlying funds that invest long or short in foreign issuers involves risks not associated with U.S. investments, including settlement risks, currency fluctuation, foreign tax risks, different financial reporting practices and regulatory standards, high costs of trading, changes in political conditions, expropriation, investment and repatriation restrictions as well as settlement and custody risks.</li></ul><ul type="square"><li>Emerging Markets Risk &#8211; To the extent that an underlying fund invests in issuers located in emerging markets, the risk may be heightened by political changes and changes in taxation or currency controls that could adversely affect the values of these investments. Emerging markets have been more volatile than the markets of developed countries with more mature economies.</li></ul><ul type="square"><li> Liquidity Risk &#8211; When there is no willing buyer and investments cannot be readily sold at the desired time or price, an underlying fund may need to accept a lower price or may not be able to sell the security at all. An inability to sell securities can adversely affect the underlying fund&#8217;s value or prevent the fund from being able to take advantage of other investment opportunities. Recent instability in certain credit and fixed-income markets has adversely affected and is expected to continue to affect the liquidity of certain classes of securities, including, in particular, certain types of asset-backed, mortgage-backed and real estate-related securities.</li></ul><ul type="square"><li> Real Estate Securities and REITs Risk &#8211; The underlying funds may be subject to risks related to investment in real estate investment trusts or &#8220;REITs,&#8221; including fluctuations in the value of underlying properties, defaults by borrowers or tenants, lack of diversification, heavy cash flow dependency, self-liquidation, and potential failure to qualify for tax-free pass through of income and exemption from registration as an investment company.</li></ul><ul type="square"><li> Non-Diversified Risk &#8211; An underlying fund that is non-diversified may invest a larger percentage of its assets in a given security than a diversified fund. As a result, it may be more susceptible to a single adverse economic, political or regulatory occurrence affecting one or more issuers in which a large percentage of its assets is invested and may experience increased volatility due to its investments in those securities.</li></ul><ul type="square"><li> Underlying Fund Managed Portfolio Risk &#8211; The underlying fund adviser&#8217;s investment strategies or choice of specific securities may be unsuccessful and may cause the underlying fund to incur losses.</li></ul>The bar chart depicts the change in performance from year to year during the periods indicated. The bar chart figures do not include any applicable sales charges that an investor may pay when they buy or sell Shares of the Fund. If sales charges were included, the returns would be lower. The table compares the Fund&#8217;s average annual returns for the periods indicated to broad-based securities market indices. The indices are not actively managed and are not available for direct investment. The bar charts and performance tables assume reinvestment of dividends and distributions. The Fund&#8217;s past performance does not necessarily indicate how it will perform in the future. Updated performance information is available on the Fund&#8217;s website at www.vulcanvaluepartners.com or by calling 877.421.5078.-0.02-0.020.00540.00790.00590.0069<ul type="square"><li>Non-Diversified Risk &#8211; An underlying fund that is non-diversified may invest a larger percentage of its assets in a given security than a diversified fund. As a result, it may be more susceptible to a single adverse economic, political or regulatory occurrence affecting one or more issuers in which a large percentage of its assets is invested and may experience increased volatility due to its investments in those securities.</li></ul>The Fund&#8217;s past performance does not necessarily indicate how it will perform in the future.0.00540.00540.00540.005400.00250.00050.0015877.421.5078www.vulcanvaluepartners.com<div style="display:none">~ http://www.redmontfunds.com/role/ScheduleAnnualTotalReturnsTheDisciplinedGrowthInvestorsFundBarChart column period compact * ~</div>
The Fund&#8217;s past performance does not necessarily indicate how it will perform in the future.<b>Shareholder Fees</b> (FEES PAID DIRECTLY FROM YOUR INVESTMENT)0.01890.02540.01590.0194<b>Principal Risks of the Fund </b>-0.0005-0.0005-0.0005-0.00050.01840.02490.01540.0189<b>Annual Fund Operating Expenses</b><br/> (EXPENSES THAT YOU PAY EACH YEAR AS A PERCENTAGE OF THE VALUE OF YOUR INVESTMENT)The bar chart figures do not include any applicable sales charges that an investor may pay when they buy or sell Shares of the Fund. If sales charges were included, the returns would be lower.0.01250.0025It is important to read all the disclosure information provided and to understand that you may lose money by investing in the Fund.<div style="display:none">~ http://www.redmontfunds.com/role/ScheduleAnnualTotalReturnsGrandeurPeakInternationalOpportunitiesFundBarChart column period compact * ~</div>
0.00262007-12-312007-12-312007-12-312007-12-312007-12-312007-12-312007-12-312007-12-31<b>ASPEN MANAGED FUTURES STRATEGY FUND (THE &#8220;FUND&#8221;) </b><b>Investment Objective </b>As with any mutual fund, there are risks to investing. Neither the Fund nor the Adviser can guarantee that the Fund will meet its investment objectives. Any of the investments made by the Fund can result in an investment loss, which may be significant. The principal risks of investing in the Fund, which could adversely affect its net asset value and total return, are: <br /><br />Stock Market Risk <br />The value of stocks and other equity securities in the Fund&#8217;s portfolio will fluctuate depending on the performance of the companies that issued them, general market and economic conditions and investor confidence, and, as a result, the Fund&#8217;s share price may decline suddenly or over a sustained period of time. <br /><br />Growth Style Risk <br />The Fund may invest in growth stocks, which are characterized by high price-to-earnings ratios, and which may be more volatile than value stocks with lower price-to-earnings ratios. <br /><br />Small-Cap Company Risk <br />While small-cap companies may offer greater potential for capital appreciation than larger and more established companies, they may also involve greater risk of loss and price fluctuation. The trading markets for securities of small-cap issuers tend to be less liquid and more volatile than securities of larger companies. This means that the Fund could have greater difficulty buying or selling a security of a small-cap issuer at an acceptable price, especially in periods of market volatility. <br /><br />Healthcare Sector Risk <br />The Fund may from time to time invest a substantial portion of its total assets in one or more industries within the healthcare sector (understood to refer generally to companies principally engaged in the development, production and distribution of healthcare products and services). The Fund does not, however, generally anticipate that its investments in any one such industry or related industries will exceed 25% of the Fund&#8217;s portfolio. As a result of such investments, market or economic factors affecting healthcare companies could have a major effect on the value of the Fund&#8217;s investments. In general, the performance of healthcare companies tends to be affected by factors such as rapid innovation, the expiration of patents, product liability lawsuits and other litigation, changes in law and regulatory requirements, and changes in the reimbursement rates for their products and services. In particular, the continuing implementation of the Patient Protection and Affordable Care Act may significantly affect the financial performance of healthcare companies. <br /><br />Technology Sector Risk <br />The Fund may from time to time invest a substantial portion of its total assets in one or more industries within the technology sector. The Fund does not, however, generally anticipate that its investments in any one such industry or related industries will exceed 25% of the Fund&#8217;s portfolio. As a result of such investments, market or economic factors impacting technology companies could have a major effect on the value of the Fund&#8217;s investments. Stock prices of technology companies are particularly vulnerable to rapid changes in product cycles, government regulation, high personnel turnover and shortages of skilled employees, product development problems, and aggressive pricing and other forms of competition. In addition, technology stocks, particularly those of smaller, less seasoned companies, tend to have high price/earnings ratios and to be more volatile than the overall market. <br /><br />Sector Risk <br />Companies with similar characteristics may be grouped together in broad categories called sectors. Sector risk is the possibility that a certain sector may perform differently than other sectors or as the market as a whole. Although the Fund does not intend to concentrate its investments in any particular sector or sectors, the Fund may, from time to time, emphasize investments in one or more sectors, such as, for example, the technology or healthcare sectors. Market conditions, interest rates and economic, regulatory or financial developments could significantly affect all the securities in a single sector. If the Fund invests in a few sectors, it may have increased relative exposure to the price movements of those sectors. <br /><br />Foreign Securities Risk <br />Foreign securities are generally more volatile and less liquid than U.S. securities. Further, foreign securities may be subject to additional risks not associated with investment in U.S. securities due to differences in the economic and political environment, the amount of available public information, the degree of market regulation, and financial reporting, accounting and auditing standards, and, in the case of foreign currency-denominated securities, fluctuations in currency exchange rates. <br /><br />Emerging Markets Risk <br />In addition to the risks of investing in foreign securities in general, the risks of investing in the securities of companies domiciled in emerging market countries include increased political or social instability, economies based on only a few industries, unstable currencies, runaway inflation, highly volatile securities markets, unpredictable shifts in policies relating to foreign investments, lack of protection for investors against parties who fail to complete transactions, and the potential for government seizure of assets or nationalization of companies. <br /><br />Managed Portfolio Risk <br />The Adviser&#8217;s investment strategies or choice of specific securities may be unsuccessful and may cause the Fund to incur losses. <br /><br />Please see &#8220;What are the Principal and Non-Principal Risks of Investing in The Fund?&#8221; for a more detailed description of the risks of investing in the Fund. It is possible to lose money on an investment in the Fund. Investments in the Fund are not deposits or obligations of any bank, are not endorsed or guaranteed by any bank and are not insured or guaranteed by the U.S. government, the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency.The Fund seeks investment results that replicate as closely as possible, before fees and expenses, the price and yield performance of the Aspen Managed Futures Beta Index (the &#8220;MFBI&#8221; or &#8220;Index&#8221;).<b>Fees and Expenses </b><b>Performance Information </b>This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for certain sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund. More information about these and other discounts is available from your financial professional and in &#8220;BUYING AND REDEEMING SHARES&#8221; at page 13 of the Prospectus and &#8220;PURCHASE &amp; REDEMPTION OF SHARES&#8221; at page 52 of the Fund&#8217;s Statement of Additional Information (&#8220;SAI&#8221;).<b>Shareholder Fees </b>(fees paid directly from your investment)<b>Annual Fund Operating Expenses</b> (expenses that you pay each year as a percentage of the value of your investment)<b>Example </b>As of the date of this Prospectus, the Fund has not yet completed a full calendar year of operations, when the Fund has completed a full calendar year of investment operations, this section will include charts that show annual total returns, highest and lowest quarterly returns and average annual total returns (before and after taxes) compared to a benchmark selected for the Fund. Updated performance information is available on the Fund&#8217;s website at www.pathwayadvisorfunds.com or by calling (888) 288-1121.This example is intended to help you compare the costs of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:<b>Portfolio Turnover </b>The Fund pays transaction costs, such as commissions, when it buys and sells securities or enters and exits derivate transactions (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund&#8217;s performance. For the fiscal year ended April 30, 2013, the Fund&#8217;s portfolio turnover rate was 0% of the average value of its portfolio.<b>Principal Investment Strategies of the Fund </b>As of the date of this Prospectus, the Fund has not yet completed a full calendar year of operations, when the Fund has completed a full calendar year of investment operations, this section will include charts that show annual total returns, highest and lowest quarterly returns and average annual total returns (before and after taxes) compared to a benchmark selected for the Fund.The Fund seeks to achieve its investment objective by investing primarily in a combination of securities and derivatives that, as a whole, are expected to produce returns that track the weekly price performance of the Index. The Fund, using a low cost &#8220;passive&#8221; or &#8220;indexing&#8221; investment approach, seeks to replicate, before fees and expenses, the performance of the Index. <br/><br/>The MFBI is constructed using a quantitative, rules-based model designed to replicate the price-trend following and counter price-trend exposure of futures markets by allocating assets to liquid futures contracts of certain financial and commodities futures markets. The Index therefore seeks to reflect the performance of strategies and exposures common to a broad universe of futures markets, i.e., managed futures beta. <br/><br/>The Index currently consists of exchange-traded liquid futures contracts relating to 23 Reference Assets among four generic categories of Asset Classes as follows:<br/><br/><table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"> <tr><td width="16%"> </td> <td valign="bottom" width="3%"> </td> <td width="18%"> </td> <td valign="bottom" width="3%"> </td> <td width="17%"> </td> <td valign="bottom" width="3%"> </td> <td width="18%"> </td> <td valign="bottom" width="3%"> </td> <td width="19%"> </td></tr> <tr><td style="padding-left: 8px; border-top: #ffffff 1px solid; border-right: #ffffff 1px solid;" valign="bottom">&nbsp;&nbsp;</td> <td style="border-top: #ffffff 1px solid;" valign="bottom">&nbsp;&nbsp;</td> <td style="padding-right: 8px; border-top: #ffffff 1px solid; border-right: #ffffff 1px solid;" valign="bottom" colspan="7"><b>Asset Classes</b></td></tr> <tr><td style="padding-left: 8px; border-top: #ffffff 1px solid; border-right: #ffffff 1px solid;" valign="middle">&nbsp;&nbsp;</td> <td style="border-top: #ffffff 1px solid;" valign="bottom">&nbsp;&nbsp;</td> <td style="border-top: #ffffff 1px solid; border-right: #ffffff 1px solid;" valign="middle">Global&nbsp;Equities</td> <td style="border-top: #ffffff 1px solid;" valign="bottom">&nbsp;&nbsp;</td> <td style="border-top: #ffffff 1px solid; border-right: #ffffff 1px solid;" valign="bottom" align="center"> <p style="margin-top: 0px; margin-bottom: 0px;" align="center">Global&nbsp;Fixed</p> <p style="margin-top: 0px; margin-bottom: 1px;" align="center">Income</p></td> <td style="border-top: #ffffff 1px solid;" valign="bottom">&nbsp;&nbsp;</td> <td style="border-top: #ffffff 1px solid; border-right: #ffffff 1px solid;" valign="bottom" align="center">Commodities</td><td style="border-top: #ffffff 1px solid;" valign="bottom"></td> <td style="padding-right: 8px; border-top: #ffffff 1px solid; border-right: #ffffff 1px solid;" valign="bottom" align="center">Currencies</td></tr> <tr><td style="padding-left: 8px; border-top: #ffffff 1px solid; border-right: #ffffff 1px solid;" valign="middle">&nbsp;</td> <td style="border-top: #ffffff 1px solid;" valign="bottom">&nbsp;&nbsp;</td> <td style="border-top: #ffffff 1px solid; border-right: #ffffff 1px solid;" valign="middle">S&amp;P 500 Index</td> <td style="border-top: #ffffff 1px solid;" valign="bottom">&nbsp;&nbsp;</td> <td style="border-top: #ffffff 1px solid; border-right: #ffffff 1px solid;" valign="middle"> <p style="margin-top: 0px; margin-bottom: 0px; font-size: 4px;">&nbsp;</p> <p style="margin-top: 0px; margin-bottom: 0px;">10-Year U.S.</p> <p style="margin-top: 0px; margin-bottom: 1px;"> Treasury Notes</p></td> <td style="border-top: #ffffff 1px solid;" valign="bottom">&nbsp;&nbsp;</td> <td style="border-top: #ffffff 1px solid; border-right: #ffffff 1px solid;" valign="middle">Corn</td> <td style="border-top: #ffffff 1px solid;" valign="bottom">&nbsp;&nbsp;</td> <td style="padding-right: 8px; border-top: #ffffff 1px solid; border-right: #ffffff 1px solid;" valign="middle">Australian Dollar</td></tr> <tr><td style="padding-left: 8px; border-top: #ffffff 1px solid; border-right: #ffffff 1px solid;" valign="middle" rowspan="7">Reference Assets</td> <td style="border-top: #ffffff 1px solid;" valign="bottom">&nbsp;&nbsp;</td> <td style="border-top: #ffffff 1px solid; border-right: #ffffff 1px solid;" valign="middle">Nikkei 225 Index (USD)</td> <td style="border-top: #ffffff 1px solid;" valign="bottom">&nbsp;&nbsp;</td> <td style="border-top: #ffffff 1px solid; border-right: #ffffff 1px solid;" valign="middle"> <p style="margin-top: 0px; margin-bottom: 0px; font-size: 4px;">&nbsp;</p> <p style="margin-top: 0px; margin-bottom: 1px;">10-Year Canadian Government Bond</p></td> <td style="border-top: #ffffff 1px solid;" valign="bottom">&nbsp;&nbsp;</td> <td style="border-top: #ffffff 1px solid; border-right: #ffffff 1px solid;" valign="middle">Soybeans</td> <td style="border-top: #ffffff 1px solid;" valign="bottom">&nbsp;&nbsp;</td> <td style="padding-right: 8px; border-top: #ffffff 1px solid; border-right: #ffffff 1px solid;" valign="middle">Euro</td></tr> <tr><td style="border-top: #ffffff 1px solid;" valign="bottom">&nbsp;&nbsp;</td> <td style="border-top: #ffffff 1px solid; border-right: #ffffff 1px solid;" valign="middle"> <p style="margin-top: 0px; margin-bottom: 0px; font-size: 4px;">&nbsp;</p> <p style="margin-top: 0px; margin-bottom: 1px;">FTSE 100 Index</p></td> <td style="border-top: #ffffff 1px solid;" valign="bottom">&nbsp;&nbsp;</td> <td style="border-top: #ffffff 1px solid; border-right: #ffffff 1px solid;" valign="middle">Long Gilt</td> <td style="border-top: #ffffff 1px solid;" valign="bottom">&nbsp;&nbsp;</td> <td style="border-top: #ffffff 1px solid; border-right: #ffffff 1px solid;" valign="middle">Sugar</td> <td style="border-top: #ffffff 1px solid;" valign="bottom">&nbsp;&nbsp;</td> <td style="padding-right: 8px; border-top: #ffffff 1px solid; border-right: #ffffff 1px solid;" valign="middle">Pound Sterling</td></tr> <tr><td style="border-top: #ffffff 1px solid;" valign="bottom">&nbsp;&nbsp;</td> <td style="border-top: #ffffff 1px solid; border-right: #ffffff 1px solid;" valign="middle"> <p style="margin-top: 0px; margin-bottom: 0px; font-size: 4px;">&nbsp;</p> <p style="margin-top: 0px; margin-bottom: 1px;">Euro Stoxx 50 Index</p></td> <td style="border-top: #ffffff 1px solid;" valign="bottom">&nbsp;&nbsp;</td> <td style="border-top: #ffffff 1px solid; border-right: #ffffff 1px solid;" valign="middle">Euro Bund</td> <td style="border-top: #ffffff 1px solid;" valign="bottom">&nbsp;&nbsp;</td> <td style="border-top: #ffffff 1px solid; border-right: #ffffff 1px solid;" valign="middle">WTI Crude</td> <td style="border-top: #ffffff 1px solid;" valign="bottom">&nbsp;&nbsp;</td> <td style="padding-right: 8px; border-top: #ffffff 1px solid; border-right: #ffffff 1px solid;" valign="middle">Japanese&nbsp;Yen</td></tr> <tr><td style="border-top: #ffffff 1px solid;" valign="bottom">&nbsp;&nbsp;</td> <td style="border-top: #ffffff 1px solid; border-right: #ffffff 1px solid;" valign="middle">&nbsp;</td> <td style="border-top: #ffffff 1px solid;" valign="bottom">&nbsp;&nbsp;</td> <td style="border-top: #ffffff 1px solid; border-right: #ffffff 1px solid;" valign="middle">&nbsp;</td> <td style="border-top: #ffffff 1px solid;" valign="bottom">&nbsp;&nbsp;</td> <td style="border-top: #ffffff 1px solid; border-right: #ffffff 1px solid;" valign="middle"> <p style="margin-top: 0px; margin-bottom: 0px; font-size: 4px;">&nbsp;</p> <p style="margin-top: 0px; text-indent: -1em; margin-bottom: 1px; margin-left: 1em;">Heating Oil</p></td> <td style="border-top: #ffffff 1px solid;" valign="bottom">&nbsp;&nbsp;</td> <td style="padding-right: 8px; border-top: #ffffff 1px solid; border-right: #ffffff 1px solid;" valign="middle">Swiss Franc</td></tr> <tr><td style="border-top: #ffffff 1px solid;" valign="bottom">&nbsp;&nbsp;</td> <td style="border-top: #ffffff 1px solid; border-right: #ffffff 1px solid;" valign="middle">&nbsp;</td> <td style="border-top: #ffffff 1px solid;" valign="bottom">&nbsp;&nbsp;</td> <td style="border-top: #ffffff 1px solid; border-right: #ffffff 1px solid;" valign="middle">&nbsp;</td> <td style="border-top: #ffffff 1px solid;" valign="bottom">&nbsp;&nbsp;</td> <td style="border-top: #ffffff 1px solid; border-right: #ffffff 1px solid;" valign="middle"> <p style="text-indent: -1em; margin-left: 1em;">Copper</p></td> <td style="border-top: #ffffff 1px solid;" valign="bottom">&nbsp;&nbsp;</td> <td style="padding-right: 8px; border-top: #ffffff 1px solid; border-right: #ffffff 1px solid;" valign="middle"> <p style="margin-top: 0px; margin-bottom: 0px; font-size: 4px;">&nbsp;</p> <p style="margin-top: 0px; margin-bottom: 1px;">Canadian Dollar</p></td></tr> <tr><td style="border-top: #ffffff 1px solid;" valign="bottom">&nbsp;&nbsp;</td> <td style="border-top: #ffffff 1px solid; border-right: #ffffff 1px solid;" valign="middle">&nbsp;</td> <td style="border-top: #ffffff 1px solid;" valign="bottom">&nbsp;&nbsp;</td> <td style="border-top: #ffffff 1px solid; border-right: #ffffff 1px solid;" valign="middle">&nbsp;</td> <td style="border-top: #ffffff 1px solid;" valign="bottom">&nbsp;&nbsp;</td> <td style="border-top: #ffffff 1px solid; border-right: #ffffff 1px solid;" valign="middle"> <p style="text-indent: -1em; margin-left: 1em;">Gold</p></td> <td style="border-top: #ffffff 1px solid;" valign="bottom">&nbsp;&nbsp;</td> <td style="padding-right: 8px; border-top: #ffffff 1px solid; border-right: #ffffff 1px solid;" valign="middle"> <p style="margin-top: 0px; margin-bottom: 0px; font-size: 4px;">&nbsp;</p> <p style="margin-top: 0px; margin-bottom: 1px;">New&nbsp;Zealand Dollar</p></td></tr> <tr><td style="border-top: #ffffff 1px solid;" valign="bottom">&nbsp;&nbsp;</td> <td style="border-top: #ffffff 1px solid; border-right: #ffffff 1px solid;" valign="middle">&nbsp;</td> <td style="border-top: #ffffff 1px solid;" valign="bottom">&nbsp;&nbsp;</td> <td style="border-top: #ffffff 1px solid; border-right: #ffffff 1px solid;" valign="middle">&nbsp;</td> <td style="border-top: #ffffff 1px solid;" valign="bottom">&nbsp;&nbsp;</td> <td style="border-top: #ffffff 1px solid; border-right: #ffffff 1px solid;" valign="middle"> <p style="margin-top: 0px; margin-bottom: 0px; font-size: 4px;">&nbsp;</p> <p style="margin-top: 0px; text-indent: -1em; margin-bottom: 1px; margin-left: 1em;">Silver</p></td> <td style="border-top: #ffffff 1px solid;" valign="bottom">&nbsp;&nbsp;</td> <td style="padding-right: 8px; border-top: #ffffff 1px solid; border-right: #ffffff 1px solid;" valign="middle">&nbsp;</td></tr></table><br/>Quantitative Equity Strategies, LLC (the &#8220;Index Provider&#8221;) may, in its sole discretion, acting in good faith and a commercially reasonable manner, at any time remove or add Asset Classes and Reference Assets comprising the Index.<br/><br/>The MFBI model identifies exchange-traded futures contracts through which to establish either long or short positions among Reference Assets based upon the quantitative rules of the Index and subject to pre-defined allocation limits. Subject to certain pre-defined non-discretionary conditions, the MFBI is rebalanced each week.<br/><br/>The Fund seeks a correlation over time of 0.95 or better between the Fund&#8217;s performance, before fees and expenses, and the performance of the Index. A figure of 1.00 would represent perfect correlation.<br/><br/>The Fund expects to gain exposure to the equities, financial, currency and commodities markets indirectly by investing up to 25% of its net assets in a wholly owned subsidiary of the Fund organized under the laws of the Cayman Islands (the &#8220;Subsidiary&#8221;) which is designed to enhance the ability of the Fund to obtain exposure to equities, financial, currency and commodities markets consistent with the limits of the U.S. federal tax law requirements applicable to registered investment companies. The Subsidiary is subject to substantially the same investment policies and investment restrictions as the Fund, except that the Subsidiary (unlike the Fund) may invest without limitation in swaps and other derivative instruments. The Fund and the Subsidiary do not currently contemplate investing in swaps, although they each reserve the right to do so in the future. The Fund and the Subsidiary are both advised by the Adviser. Neither the Fund nor the Subsidiary is advised by the Index Provider. <br/><br/>The securities in the Fund&#8217;s portfolio are expected to consist primarily of collateral as described below. The derivatives in the Fund&#8217;s portfolio consist primarily of financial, currency and commodity-linked derivative instruments, including exchange-traded futures and forward currency contracts.<br/><br/>The Adviser also intends that the Fund will gain exposure to short equities, financial, currency and commodities futures positions and other similar transactions by tracking the Index through derivative instruments. The Fund may employ leveraging techniques to attempt to achieve its investment objective, including but not limited to maintaining a portfolio of comparable composition but greater notional value than that of the Indexor through structured notes linked to the Index or its constituents. On a day-to-day basis, the Fund may hold U.S. government securities, short-term, high quality fixed-income securities, money market instruments, money market funds, overnight and fixed-term repurchase agreements, cash and other cash equivalents with maturities of one year or less to collateralize its derivative positions. <br/><br/>The Adviser may engage on behalf of the Fund and the Subsidiary in regular buying and selling of portfolio securities and derivative contracts to achieve the Fund&#8217;s investment objective.<b>Principal Risks of the Fund </b>The Fund is structured as a fund-of-funds. Under normal circumstances, the Fund pursues its objective by investing primarily in a managed portfolio of other open-end investment companies registered under the Investment Company of 1940, as amended (the &#8220;1940 Act&#8221;), that represent a variety of asset classes and investment styles. The Fund may also invest in closed-end funds and exchange-traded funds. Collectively, the investment companies in which the Fund may invest are referred to as &#8220;underlying funds.&#8221;<br/><br/>The Fund pursues its objective &#8211; seeking total return through a primary emphasis on growth with a secondary emphasis on income &#8211; by investing in a diversified portfolio of underlying funds resulting in an allocation of the Fund&#8217;s investments that normally provides exposure of approximately 80% to 100% to equity securities of large-, mid- and small-capitalization companies and 0% to 20% to fixed-income securities, with a neutral allocation to equity securities of 90% and to fixed-income securities of 10%. The Fund may also invest in exchange-traded notes to access the returns of market benchmarks.(888) 288-1121The following is a description of the principal risks of the Fund&#8217;s portfolio, which may adversely affect its net asset value and total return. There are other circumstances (including additional risks that are not described here) which could prevent the Fund from achieving its investment objective. It is important to read all of the disclosure information provided and to understand that you may lose money by investing in the Fund. <br /><br /> The following describes the risks the Fund may bear through direct investments in securities and derivatives, as well as indirectly through investments in structured notes and the Subsidiary.<br /><br /><b>Benchmark Tracking Risk.</b> The Fund will not be able to replicate exactly the performance of the benchmark because the total return generated by the Fund&#8217;s securities and derivatives holdings will be reduced by transaction costs. In addition, the Fund will incur direct expenses not incurred by the benchmark, including but not limited to clearing, brokerage, and exchange fees, and indirect costs, including but not limited to market impact resulting from the Fund&#8217;s investment activity. The Adviser&#8217;s judgments about the benchmark-tracking characteristics of particular securities and derivatives may prove incorrect and may not produce the desired benchmark-tracking results.<br/><br/><b>Compounding Risk.</b> As a result of compounding, because the Fund rebalances its portfolio weekly, the Fund&#8217;s performance for periods greater than one week is likely to be either greater than or less than the Index price performance, before Fund accounting for fees and Fund expenses. Compounding affects all investments, but has a more significant impact on a leveraged fund. Particularly during periods of higher Index volatility, compounding could cause longer term results to vary from the return of the Index. This effect becomes more pronounced as volatility increases.<br /><br /><b>Security Credit Risk.</b> The companies issuing structured notes or collateral securities in which the Fund may invest may have their credit rating downgraded, fail financially or be unwilling or unable to make timely payments of interest or principal, thereby reducing the value of the Fund&#8217;s portfolio and its income.<br /><br /><b>Government Securities Risk.</b> The Fund may invest in securities issued or guaranteed by the U.S. government or its agencies and instrumentalities. These securities may be backed by the credit of the government as a whole or only by the issuing agency. No assurance can be given that the U.S. government would provide financial support to its agencies and instrumentalities if not required to do so by law. Neither the U.S. government nor its agencies guarantee the market value of their securities, and interest rate changes, prepayments and other factors may affect the value of government securities.<br /><br /><b>Derivatives Risk.</b> The Fund may use derivatives (including futures and forwards) to pursue its investment objective. The Fund&#8217;s use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations, (ii) risk of mispricing or improper valuation, and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. These risks could cause the Fund to lose more than the principal amount invested. In addition, investments in derivatives involve leverage, which means a small percentage of assets invested in derivatives can have a disproportionately large impact on the Fund.<br /><br /><b>Commodity Risk.</b> Exposure to the commodities markets may subject the Fund to greater volatility than investments in traditional securities. Commodity prices are influenced by unfavorable weather, animal and plant disease, geologic and environmental factors, as well as changes in government regulation such as tariffs, embargoes or burdensome production rules and restrictions. Although the Index prescribes limits on its exposure to commodity markets, the Fund&#8217;s performance is linked to the performance of highly volatile commodities; investors should therefore consider purchasing shares of the Fund only as part of an overall diversified portfolio and should be willing to assume the risks of potentially significant fluctuations in the net asset value of the Fund&#8217;s shares.<br /><br /><b>Fixed-Income Risk.</b> The Fund&#8217;s investments in fixed-income securities and positions in fixed-income derivatives may decline in value because of changes in interest rates. As nominal interest rates rise, the value of fixed-income securities and any long positions in fixed-income derivatives held by the Fund are likely to decrease, whereas the value of its short positions in fixed-income derivatives is likely to increase.<br /><br /><b>Non-U.S. Risk.</b> Non-U.S. securities and derivatives are subject to the risks of foreign currency fluctuations, generally higher volatility and lower liquidity than U.S. securities, less developed securities markets and economic systems, and political and economic instability.<br /><br /><b>Currency Risk.</b> The Fund may transact in foreign currencies in order to manage its investments in non-U.S. securities and derivatives, or as active positions that support its investment objective, in the cash (or &#8220;spot&#8221;) market and through derivatives transactions in the futures and forward markets. The value of foreign currencies may be affected by a variety of global economic factors, including inflation, interest rate levels, trade balances among countries and the actions of sovereign governments. In addition to changes in the value of the Fund&#8217;s securities and derivatives holdings denominated in foreign currency, the value of foreign currency holdings or balances and foreign currency linked derivatives may fluctuate because of changes in the value of the U.S. Dollar relative to such currencies.<br /><br /><b>Leverage Risk.</b> Using derivatives to increase the Fund&#8217;s combined long and short exposure creates leverage, which can magnify the Fund&#8217;s potential for gain or loss and, therefore, amplify the effects of market volatility on the Fund&#8217;s share price.<br /><br /><b>Market Risk.</b> Although the Fund generally maintains both long and short positions in a number of markets, overall securities and derivatives market risks will affect the value of individual instruments in which the Fund invests. Factors such as economic growth and market conditions, interest rate levels and political events affect the securities and derivatives markets. When the value of the Fund&#8217;s long investments goes down, or the value of its short investments goes up, your investment in the Fund decreases in value and you could lose money.<br /><br /><b>Portfolio Turnover Risk.</b> Portfolio turnover refers to the rate at which the securities and derivatives held by the Fund are replaced. The higher the rate, the higher the transactional and brokerage costs associated with the turnover, which will reduce the Fund&#8217;s return due to corresponding clearing, brokerage, exchange, commission or other direct or indirect trading costs. Active trading of securities or derivatives, including transactions to maintain underlying market exposure when a derivative contract nears expiry, may also increase the Fund&#8217;s realized gains or losses, which may affect the taxes you pay as a Fund shareholder.<br /><br /><b>Structured Note Risk.</b> The value of a structured note will be influenced by time to maturity, level of supply and demand for this type of note, interest rate and commodity market volatility, changes in the issuer&#8217;s credit quality rating, and economic, legal, political or geographic events that affect the referenced commodity. These notes are typically issued by banks or brokerage firms, and have interest and/or principal payments which are linked to changes in the price level of certain assets or to the price performance of certain indices. There may be a lag between a change in the value of the underlying reference asset and the value of the structured note. The Fund may also be exposed to increased transaction costs.<br /><br /><b>Subsidiary Risk.</b> By investing in the Subsidiary, the Fund is indirectly exposed to the risks associated with the Subsidiary&#8217;s investments. In addition, the Subsidiary is not registered under the Investment Company Act of 1940, as amended (the &#8220;1940 Act&#8221;), and, unless otherwise noted in this Prospectus, is not subject to all of the investor protections of the 1940 Act. In addition, changes in the laws of the United States and/or the Cayman Islands could result in the inability of the Fund and/or the Subsidiary to operate as described in this Prospectus and the SAI and could adversely affect the Fund. <br /><br /><b>Non-Diversification Risk.</b> Because the Fund is non-diversified and may invest a greater percentage of its assets in securities of a single issuer and in a relatively small number of issuers, it is more susceptible to risks associated with a single economic, political or regulatory occurrence than a more diversified portfolio. Some of those issuers may also present substantial credit or other risks.www.pathwayadvisorfunds.com<b>Performance Information </b>The following information provides some indication of the risks of investing in the Fund by showing how the Fund&#8217;s performance has varied over time. The bar chart depicts the change in performance from year to year during the periods indicated. The bar chart figures do not include any applicable sales charges that an investor may pay when they buy or sell shares of the Fund. If sales charges were included, the returns would be lower. The table compares the Fund&#8217;s average annual returns for the periods indicated to broad-based securities market indices. The indices are not actively managed and are not available for direct investment. The bar charts and performance tables assume reinvestment of dividends and distributions. The Fund&#8217;s past performance does not necessarily indicate how it will perform in the future. Updated performance information is available on the Fund&#8217;s website at www.apsenfuturesfund.com or by calling 855.845.9444.<b>Annual Total Returns (years ended 12/31)</b><br/>Class A Shares<b>Average Annual Total Returns</b><br/>(for the period ended December 31, 2012)Best Quarter &#8211; September 30, 2012 -0.44%<br/>Worst Quarter &#8211; March 31, 2012 -2.47%<br/><br/>The Fund&#8217;s Class A share year-to-date return as of June 30, 2013 was 5.27%.0.00120.0012After-tax returns are calculated using the historically highest individual U.S. federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your individual tax situation and may differ from those shown in the preceding table. The after-tax return information shown above does not apply to Fund shares held through a tax-deferred account, such as a 401(k) plan or an IRA.<br/><br/>After-tax returns are only shown for Class A shares of the Fund. After-tax returns for Class I shares will vary from those shown for Class A shares due to varying sales charges and expenses among the classes.After-tax returns are calculated using the historically highest individual U.S. federal marginal income tax rates and do not reflect the impact of state and local taxes.0.01880.0163The following information provides some indication of the risks of investing in the Fund by showing how the Fund&#8217;s performance has varied over time.1-800-639-3935<b>Principal Risks of the Fund </b>The Fund&#8217;s past performance (including the performance of the Predecessor Institutional Fund) does not necessarily indicate how it will perform in the future.Actual after-tax returns depend on your individual tax situation and may differ from those shown in the table below. The after-tax return information shown below does not apply to Fund shares held through a tax-deferred account, such as a 401(k) plan or an IRA.-0.0001-0.00010.01870.0162The bar chart figures do not include any applicable sales charges that an investor may pay when they buy or sell shares of the Fund. If sales charges were included, the returns would be lower.0.00260<div style="display:none">~ http://www.redmontfunds.com/role/ScheduleShareholderFeesALPSRedRocksListedPrivateEquityFund column period compact * ~</div>
0.0125It is possible to lose money on an investment in the Fund.Investments in the Fund are not deposits or obligations of any bank, are not endorsed or guaranteed by any bank and are not insured or guaranteed by the U.S. government, the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency.<div style="display:none">~ http://www.redmontfunds.com/role/ScheduleAnnualFundOperatingExpensesALPSRedRocksListedPrivateEquityFund column period compact * ~</div>
After-tax returns are calculated by using the highest historical individual U.S. federal marginal income tax rates (i.e., maximum rates) and do not include state or local taxes.<div style="display:none">~ http://www.redmontfunds.com/role/ScheduleExpenseExampleTransposedALPSRedRocksListedPrivateEquityFund column period compact * ~</div>
August 31, 2014Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold Fund shares in tax-deferred accounts (i.e., retirement plans or Individual Retirement Accounts).0.32<b>Example </b>You may qualify for certain sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund.<div style="display:none">~ http://www.redmontfunds.com/role/ScheduleAnnualTotalReturnsALPSRedRocksListedPrivateEquityFundBarChart column period compact * ~</div>
50000This example is intended to help you compare the costs of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:<div style="display:none">~ http://www.redmontfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedALPSRedRocksListedPrivateEquityFund column period compact * ~</div>
<div style="display:none">~ http://www.redmontfunds.com/role/ScheduleExpenseExampleTransposedTheDisciplinedGrowthInvestorsFund column period compact * ~</div>
00A Contingent Deferred Sales Charge (&#8220;CDSC&#8221;) of 1.00% may apply to Class C shares redeemed within the first 12 months after a purchase.190165590513It is important to read all the disclosure information provided and to understand that you may lose money by investing in the Fund.101588521971930<b>Number of Years<br>You Own Your<br>Shares</b>After-tax returns are only shown for Class A shares of the Fund. After-tax returns for Class C shares and Class I shares will vary from those shown for Class A shares due to varying sales charges and expenses among the classes.The following information provides some indication of the risks of investing in the Fund by showing how the Fund&#8217;s performance has varied over time.Best Quarter &#150;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;December 31, 2011&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.49%<br/> Worst Quarter &#150;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;September 30, 2011&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-13.71%<br/><br/>The Fund&#8217;s Class A share year-to-date return as of June 30, 2013 was 4.65%.65335215719210367864976040.1www.alpsfunds. com144313458601042866.759.5679<b>PORTFOLIO TURNOVER</b>-0.02year-to-date return25752868188322572013-06-30The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and, for U.S. federal income tax purposes, may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund&#8217;s performance. For the fiscal year ended April 30, 2013, the Fund&#8217;s portfolio turnover rate was 52% of the average value of its portfolio.0.1782Best Quarter2011-12-31<b>PRINCIPAL INVESTMENT STRATEGIES OF THE FUND</b>0.1642Worst Quarter2011-09-30The Fund&#8217;s past performance does not necessarily indicate how it will perform in the future.-0.15630.007500.03110.0386After-tax returns are calculated using the historically highest individual U.S. federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your individual tax situation and may differ from those shown in the table below. The after-tax return information shown below does not apply to Fund shares held through a tax-deferred account, such as a 401(k) plan or an IRA.The bar chart figures do not include any applicable sales charges that an investor may pay when they buy or sell shares of the Fund. If sales charges were included, the returns would be lower.After-tax returns are calculated using the historically highest individual U.S. federal marginal income tax rates and do not reflect the impact of state and local taxes.year-to-date return2013-06-300.0465Actual after-tax returns depend on your individual tax situation and may differ from those shown in the table below. The after-tax return information shown below does not apply to Fund shares held through a tax-deferred account, such as a 401(k) plan or an IRA.Best Quarter2011-12-313880.0849Worst Quarter11782011-09-30-0.137119854083<b>Average Annual Total Returns</b><br/>For the period ended December 31, 20120.12080.07850.12080.1459-0.0245-0.0209-0.0209-0.01760.03490.2510.24910.16560.18050.16350.17510.10340.04080.03930.03570.0980.17410.1630.14490.11030.11760.105Best Quarter &#150;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;June 30, 2009&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47.50%<br/> Worst Quarter &#150;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;December 31, 2008&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-48.85%<br/><br/>The Fund&#8217;s Class A share year-to-date return as of June 30, 2013 was 13.04%.After-tax returns are calculated using the historically highest individual U.S. federal marginal income tax rates and do not reflect the impact of state and local taxes.Actual after-tax returns depend on your individual tax situation and may differ from those shown in the table below. The after-tax return information shown below does not apply to Fund shares held through a tax-deferred account, such as a 401(k) plan or an IRA.After-tax returns are only shown for Class A shares of the Fund. After-tax returns for Class C shares, Class I shares and Class R shares will vary from those shown for Class A shares due to varying sales charges and expenses among the classes.The following is a description of the principal risks of the Fund&#8217;s portfolio that may adversely affect its net asset value and total return. There are other circumstances (including additional risks that are not described here) which could prevent the Fund from achieving its investment objective. It is important to read all the disclosure information provided and to understand that you may lose money by investing in the Fund.<br/><br/><b>Risks of the Fund</b><ul type="square"><li>Fund-of-Funds Structure Risk &#8211; There are certain risks associated with the use of a fund-of funds structure. These risks include, but are not limited to:</li></ul><blockquote><ul type="square"><li>Expenses. Your cost of investing in the Fund may be higher than the cost of investing directly in the underlying funds. In addition, costs may be higher than mutual funds that invest directly in stocks and bonds. </li></ul><ul type="square"><li>Allocation Risk. The Fund may be prevented from fully allocating assets to an underlying fund due to regulatory limitations which may impact a fund-of-funds. The Fund is subject to the risk that the Adviser may allocate assets to an asset class that underperforms other asset classes or that the asset allocation selected by the Adviser may fail to perform as expected. </li></ul><ul type="square"><li>Underlying Fund Risk. All risks associated with an underlying fund are applicable to the Fund. In addition, the Adviser&#8217;s assumptions about an underlying fund may be incorrect in view of actual market conditions. An underlying fund may experience large purchases or redemptions that could affect the performance of the Fund. </li></ul><ul type="square"><li>Transparency Risk. The underlying funds are not managed by the Adviser, and the Adviser has access to information regarding the underlying fund&#8217;s investments to the extent the underlying fund&#8217;s adviser makes it available. </li></ul></blockquote><ul type="square"><li>Managed Portfolio Risk &#8211; The Adviser&#8217;s investment strategies or choice of specific securities may be unsuccessful and may cause the Fund to incur losses. </li></ul><ul type="square"><li>Market Risk &#8211; The Fund&#8217;s share price can move down in response to stock market conditions, changes in the economy or changes in a particular underlying fund&#8217;s share price. An underlying fund may decline in value even when the values of stocks or bonds in general are rising. The value of a security may decline due to general market conditions which are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. They may also decline due to factors which affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry. Overall financial market risks affect the value of the underlying funds and thus the share price of the Fund. Factors such as domestic, economic growth and market conditions, interest rate levels and political events affect the securities markets. </li></ul><ul type="square"><li>Exchange-Traded and Closed-End Fund Risk &#8211; The risks of investment in other investment companies typically reflect the risk of the types of securities in which the underlying funds invest. Investments in exchange-traded funds (&#8220;ETFs&#8221;) and closed-end funds are subject to the additional risk that shares of the underlying fund may trade at a premium or discount to their net asset value per share. When the Fund invests in another investment company, shareholders of the Fund bear their proportionate share of the other investment company&#8217;s fees and expenses as well as their share of the Fund&#8217;s fees and expenses. There may also not be an active trading market available for shares of some ETFs or closed-end funds. </li></ul><ul type="square"><li>Exchange-Traded Note Risk &#8211; The returns of exchange-traded notes (&#8220;ETNs&#8221;) are based on the performance of a specified market index minus applicable fees. The risks of ETNs include the risk of the reference index. The value of an ETN is also subject to the credit risk of the issuer. Thus, the value of an ETN may drop due to a decline in an issuer&#8217;s credit quality or a downgrade in the issuer&#8217;s credit rating, even if there is no change or an increase in the reference index. ETNs are subject to the additional risk that notes may trade at a premium or discount to their reference index. When the Fund invests in an ETN, shareholders of the Fund bear their proportionate share of the ETNs&#8217; fees and expenses as well as their share of the Fund&#8217;s fees and expenses. There may also not be an active trading market available for some ETNs. </li></ul><b>Risks Associated with Underlying Funds </b><ul type="square"><li>Credit Risk &#8211; Credit risk (also called default risk) is the risk that the issuer of a security will not be able to make principal and interest payments on a debt issue. The credit ratings of issuers could change and negatively affect an underlying fund&#8217;s (and indirectly, the Fund&#8217;s) share price or yield. When underlying funds use derivatives instruments to seek credit exposure to underlying issuers, the underlying funds are subject to the credit risk of both the underlying issuer(s) and the counterparty (typically a broker or bank) to the instrument. When underlying funds invest in asset-backed securities, mortgage-backed securities and collateralized mortgage obligations, the underlying funds are subject to the credit risks of the underlying assets that collateralize the instrument. </li></ul><ul type="square"><li>Commodity Risk &#8211; Investing in commodities linked instruments, such as exchange-traded notes, may subject an underlying fund to greater volatility than investments in traditional securities. Commodities include energy, metals, agricultural products, livestock and minerals. Underlying funds may buy certain commodities (such as gold) or may invest in commodity linked derivative instruments. The value of commodities and commodity contracts are affected by a variety of factors, including global supply and demand, changes in interest rates, commodity index volatility, and factors affecting a particular industry or commodity. </li></ul><ul type="square"><li>Currency Risk &#8211; The value of the securities held by an underlying fund may be affected by changes in exchange rates or control regulations. If a local currency gains against the U.S. dollar, the value of the security increases in U.S. dollar terms. If a local currency declines against the U.S. dollar, the value of the security decreases in U.S. dollar terms. </li></ul><ul type="square"><li>Derivatives Risk &#8211; Risks associated with derivatives may include the risk that the derivative is not well correlated with the security, index or currency to which it relates, the risk that derivatives may not have the intended effects and may result in losses or missed opportunities, the risk that an underlying fund will be unable to sell the derivative because of an illiquid secondary market, the risk that a counterparty is unwilling or unable to meet its obligations, and the risk that the derivative transaction could expose the underlying fund to the effects of leverage, which could increase the underlying fund&#8217;s exposure to the market and magnify potential losses. There is no guarantee that derivatives, to the extent employed, will have the intended effect, and their use could cause lower returns or even losses to the underlying fund. The use of derivatives by an underlying fund to hedge risk may reduce the opportunity for gain by offsetting the positive effect of favorable price movements. The use of derivatives can magnify gains or losses. </li></ul><ul type="square"><li>Small- to Mid-Capitalization Companies Risk &#8211; An underlying fund&#8217;s investments in securities of companies with small- to mid-sized market capitalizations can present higher risks than do investments in securities of larger companies. Prices of such securities can be more volatile than the securities of larger capitalization firms and can be more thinly traded. This may result in such securities being less liquid. </li></ul><ul type="square"><li>Fixed-Income Risk &#8211; Investing in underlying funds that invest long or short in fixed-income securities subjects the Fund to additional risks that include credit risk, interest risk, maturity risk, investment-grade securities risk, municipal securities risk and prepayment risk. These risks could affect the value of a particular investment by the Fund, possibly causing the Fund&#8217;s share price and total return to be reduced and fluctuate more than other types of investments. </li></ul><ul type="square"><li>Interest Rate Risk &#8211; An underlying fund&#8217;s investments in fixed-income securities may decline in value because of changes in interest rates. As nominal interest rates rise, the value of fixed-income securities held by an underlying fund (and indirectly, by the Fund) are likely to decrease. </li></ul><ul type="square"><li>Foreign Securities Risk &#8211; Investing in underlying funds that invest long or short in foreign issuers involves risks not associated with U.S. investments, including settlement risks, currency fluctuation, foreign tax risks, different financial reporting practices and regulatory standards, high costs of trading, changes in political conditions, expropriation, investment and repatriation restrictions as well as settlement and custody risks. </li></ul><ul type="square"><li>Emerging Markets Risk &#8211; To the extent that an underlying fund invests in issuers located in emerging markets, the risk may be heightened by political changes and changes in taxation or currency controls that could adversely affect the values of these investments. Emerging markets have been more volatile than the markets of developed countries with more mature economies. </li></ul><ul type="square"><li> Liquidity Risk &#8211; When there is no willing buyer and investments cannot be readily sold at the desired time or price, an underlying fund may need to accept a lower price or may not be able to sell the security at all. An inability to sell securities can adversely affect the underlying fund&#8217;s value or prevent the fund from being able to take advantage of other investment opportunities. Recent instability in certain credit and fixed-income markets has adversely affected and is expected to continue to affect the liquidity of certain classes of securities, including, in particular, certain types of asset-backed, mortgage-backed and real estate-related securities. </li></ul><ul type="square"><li> Real Estate Securities and REITs Risk &#8211; The underlying funds may be subject to risks related to investment in real estate investment trusts or &#8220;REITs,&#8221; including fluctuations in the value of underlying properties, defaults by borrowers or tenants, lack of diversification, heavy cash flow dependency, self-liquidation, and potential failure to qualify for tax-free pass through of income and exemption from registration as an investment company. </li></ul><ul type="square"><li> Non-Diversified Risk &#8211; An underlying fund that is non-diversified may invest a larger percentage of its assets in a given security than a diversified fund. As a result, it may be more susceptible to a single adverse economic, political or regulatory occurrence affecting one or more issuers in which a large percentage of its assets is invested and may experience increased volatility due to its investments in those securities. </li></ul><ul type="square"><li> Underlying Fund Managed Portfolio Risk &#8211; The underlying fund adviser&#8217;s investment strategies or choice of specific securities may be unsuccessful and may cause the underlying fund to incur losses.</li></ul>You would pay the following expenses if you did not redeem your Shares:<ul type="square"><li>Non-Diversified Risk &#8211; An underlying fund that is non-diversified may invest a larger percentage of its assets in a given security than a diversified fund. As a result, it may be more susceptible to a single adverse economic, political or regulatory occurrence affecting one or more issuers in which a large percentage of its assets is invested and may experience increased volatility due to its investments in those securities.</li></ul>65325215719210367864976041443134586010422575286818832257As of the date of this Prospectus, the Fund has not yet completed a full calendar year of investment operations, when the Fund has completed a full calendar year of investment operations, this section will include charts that show annual total returns, highest and lowest quarterly returns and average annual total returns (before and after taxes) compared to a benchmark selected for the Fund.www.pathwayadvisorfunds.com(888) 288-1121If you sell (redeem) your Class C shares within 12 months of purchase, you will have to pay a contingent deferred sales charge (&#8220;CDSC&#8221;) of 1.00% which is applied to the NAV of the shares on the date of original purchase or on the date of redemption, whichever is less. For example, if you purchased $10,000 worth of shares, which due to market fluctuation have appreciated to $15,000, the CDSC will be assessed on your $10,000 purchase. If that same $10,000 purchase has depreciated to $5,000, the CDSC will be assessed on the $5,000 value.<b>PORTFOLIO TURNOVER </b>The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). For U.S. federal income tax purposes, a higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund&#8217;s performance. During the most recent fiscal year, the Fund&#8217;s portfolio turnover was 53% of the average value of its portfolio.NUMBER OF YEARS YOU OWN YOUR SHARES<b>PRINCIPAL INVESTMENT STRATEGIES OF THE FUND </b>It is important to read all the disclosure information provided and to understand that you may lose money by investing in the Fund.The Emerald Banking and Finance Fund has adopted an investment policy that it will, under normal conditions, invest at least 80% of the value of its assets (net assets plus the amount of any borrowings for investment purposes) in stocks (both common and preferred) of companies principally engaged in the banking or financial services industries. This requirement is applied at the time the Fund invests its assets. The Emerald Banking and Finance Fund&#8217;s policy to invest at least 80% of its assets in such a manner is non-fundamental, which means that it may be changed without shareholder approval.<br/><br/>The Fund will usually emphasize small or medium market capitalization companies: those with a market capitalization of less than $1.5 billion. In addition, the Fund will invest not less than 25% of its net assets in securities of companies principally engaged in the banking industry and not less than 25% of its net assets in securities of companies principally engaged in the financial services industry. A company is defined as &#8220;principally engaged&#8221; in the banking or financial services industries if: (a) a majority of the revenues or earnings were derived from the creation or sale of banking or financial services products; or (b) a majority of the assets were devoted to such activities, based on the company&#8217;s most recent fiscal year.<br/><br/>Companies in the banking industry are defined to include U.S. commercial and industrial banking and savings institutions and their parent holding companies. Companies in the financial services industry are defined to include commercial and industrial finance companies, diversified financial services companies, investment banking, securities brokerage and investment advisory companies, real estate investment trusts, insurance and insurance holding companies, and leasing companies.<br/><br/>Emerald Mutual Fund Advisers Trust (&#8220;Emerald&#8221; or the &#8220;Adviser&#8221;) utilizes a growth approach to choosing securities based upon fundamental research which attempts to identify companies whose earnings growth rate exceeds that of their peer group, exhibit a competitive advantage in niche markets, or do not receive significant coverage from other institutional investors.year-to-date return2013-06-30<b>PRINCIPAL RISKS OF THE FUND </b>0.0603Best Quarter2009-06-300.4214<div style="display:none">~ http://www.redmontfunds.com/role/ScheduleAnnualTotalReturnsRiverFrontDynamicEquityIncomeFundBarChart column period compact * ~</div>
Worst QuarterThe Fund invests primarily in foreign and domestic small and micro cap companies.<br/><br/>Under normal market conditions, the Adviser will invest the Fund&#8217;s assets primarily in equity securities (including common stock, preferred stock and securities convertible into common stock) of foreign and domestic companies with market capitalizations of less than $5 billion at the time of purchase. The Fund may invest a significant portion of its total assets in micro cap companies with market capitalizations below $1 billion (up to 90% under normal market conditions). The Fund may also invest a significant portion of its total assets (up to 35% under normal market conditions) in securities of companies with market capitalizations of greater than $5 billion at the time of purchase when the companies meet our investment criteria.<br/><br/>The Fund will typically invest in securities issued by companies domiciled in at least three countries, including the United States. The Fund will invest a significant portion of its total assets (at least 40% under normal market conditions) at the time of purchase in securities issued by companies that are domiciled outside the United States. Domicile is determined by where the company is organized, located, has the majority of its assets, or receives the majority of its revenue.<br/><br/>The Fund may invest a significant amount of its total assets (5% to 50% under normal market conditions) at the time of purchase in securities issued by companies domiciled in emerging market countries. Emerging market are those currently included in the Morgan Stanley Capital International (MSCI) EFM (Emerging + Frontier Markets) IMI Index. These companies typically are domiciled in the Asia-Pacific region, Eastern Europe, the Middle East, Central and South America, and Africa.<br/><br/>The Adviser uses a process of quantitative screening of the financial trends and health of each company in its investment universe, followed by &#8220;bottom up&#8221; fundamental analysis to identify growth companies that it believes to be best-in-class among their global peers. This fundamental analysis generally includes studying the company, its industry, and its competitors, as well as talking with the management team. The Adviser travels extensively to visit companies and expects to meet with senior management.<br/><br/>The Fund may also invest in growth companies that the Adviser believes have hit a temporary setback and therefore have a particularly appealing valuation relative to their long-term growth potential.<br/><br/>At times, the Fund may invest in early stage companies with limited or no earnings history if the Adviser believes they have outstanding long-term growth potential. The Fund may also invest in Initial Public Offerings (IPOs).<br/><br/>The Adviser may significantly shift Fund assets between asset classes, sectors and geographic regions based on where it believes the best growth opportunities and valuations currently exist. The Fund may invest a significant percentage of its assets in a few sectors or regions.<br/><br/>The Fund is non-diversified, meaning that it can concentrate investments in a more limited number of issuers than a diversified fund.<b>PRINCIPAL RISKS OF THE FUND</b>-0.022009-12-302009-12-302009-12-302008-12-31SUMMARY SECTION<br/><br/>RIVERFRONT DYNAMIC EQUITY INCOME FUND (THE &#8220;FUND&#8221;)Any of the investments made by the Fund can result in an investment loss, which may be significant. The principal risks of investing in the Fund, which could adversely affect its net asset value and total return, are:<br/><br/><b>Concentration in Banking- and Financial Services-Related Investments:</b> The banking and financial services industries are comparatively narrow segments of the economy. The Fund concentrates its investments in such issuers to the extent permitted by applicable regulatory guidance. Entities in these industries may be subject to additional risks such as increased competition within the sector or changes in legislation or government regulations. In addition, entities in these industries are particularly vulnerable to certain factors affecting the industries as a whole, such as the availability and cost of capital funds, changes in interest rates, the rate of corporate and consumer debt defaults, and price competition. There is a risk that those issuers (or the sector) will perform poorly and negatively impact the Fund. Concentration risk results from maintaining exposure (long or short) to issuers conducting business in a specific industry. The risk of concentrating investments in a limited number of issuers in a particular industry is that the Fund will be more susceptible to the risks associated with that industry than a fund that does not concentrate its investments.<br/><br/><b>Equity Securities:</b> The risks associated with investing in equity securities of companies include the financial risk of selecting individual companies that do not perform as anticipated, the risk that the stock markets in which the Fund invests may experience periods of turbulence and instability, and the general risk that domestic and global economies may go through periods of decline and cyclical change.<br/><br/><b>Liquidity Risk:</b> Liquidity risk is financial risk due to uncertain liquidity. An institution might lose liquidity if its credit rating falls, it experiences sudden unexpected cash outflows, or some other event causes counterparties to avoid trading with or lending to the institution. A firm is also exposed to liquidity risk if markets on which it depends are subject to loss of liquidity. Derivative based securities and privately issued mortgage-related securities and other asset-backed securities, which do not have a government or government-sponsored guarantee, that are subject to substantial market and credit risk may have greater liquidity risk. Less liquid securities may trade infrequently, trade at a smaller volume, and be quite volatile. This means that they may be harder to purchase or sell at a fair price or quickly enough to prevent or minimize loss.<br/><br/><b>Real Estate Securities and REITs:</b> Real estate investment trusts or &#8220;REITs&#8221; are issuers that invest in interests in real estate, including mortgages. Investing in REITs may subject the Fund to risks similar to those associated with the direct ownership of real estate, including fluctuations in the value of underlying properties and defaults by borrowers or tenants. REITs may not be diversified and are subject to heavy cash flow dependency and self-liquidation. REITs are also subject to the possibilities of failing to qualify for tax-free pass through of income under the Code, and failing to maintain their exemptions from registration under the Investment Company Act of 1940, as amended (the &#8220;1940 Act&#8221;). REITs may have limited financial resources, trade less frequently and in a limited volume, and be subject to more abrupt or erratic price movements than more widely held securities.<br/><br/><b>Restricted and Illiquid Securities:</b> Certain securities generally trade in lower volume and may be less liquid than securities of large established companies. These less liquid securities could include securities of small- and mid-sized non-U.S. companies, high-yield securities, convertible securities, unrated debt and convertible securities, securities that originate from small offerings, and foreign securities, particularly those from companies in emerging markets. If a security is illiquid, the Fund may not be able to sell the security at a time and/or price at which the Adviser might wish to sell, which means that the Fund could lose money. In addition, the security could have the effect of decreasing the overall level of the Fund&#8217;s liquidity.<br/><br/><b>Securities Issued By Other Investment Companies:</b> The Fund may invest in shares of other investment companies, including, but not limited to, other mutual funds, money market funds, ETFs, HOLDRs, unit investment trusts, and closed-end funds, to gain exposure to a particular portion of the market rather than purchase securities directly. Investing in another investment company exposes the Fund to all the risks of that investment company, and, in general, subjects it to a pro rata portion of the other investment company&#8217;s fees and expenses.<br/><br/><b>Small and Medium Capitalization Stocks:</b> Investment in securities of smaller companies presents greater investment risks than investing in the securities of larger companies. These risks include greater price volatility, greater sensitivity to changing economic conditions, and less liquidity than the securities of larger, more mature companies.<br/><br/><b>Managed Portfolio Risk: </b> The Adviser&#8217;s investment strategies or choice of specific securities may be unsuccessful and may cause the Fund to incur losses.<br/><br/>Please see &#8220;What are the Principal and Non-Principal Risks of Investing in Each Fund?&#8221; for a more detailed description of the risks of investing in the Fund. It is possible to lose money on an investment in the Fund. Investments in the Fund are not deposits or obligations of any bank, are not endorsed or guaranteed by any bank and are not insured or guaranteed by the U.S. government, the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency.<b>PERFORMANCE INFORMATION </b>The following information provides some indication of the risks of investing in the Fund by showing how the Fund&#8217;s performance has varied over time. The performance shown for Class A and Class C shares for periods prior to March 16, 2012 reflects the performance of the Forward Banking and Finance Fund&#8217;s Class A and C shares, as a result of a prior reorganization of the Forward Banking and Finance Fund&#8217;s Class A and C shares into the Fund&#8217;s Class A and Class C shares, without the effect of any fee and expense limitations or waivers. Returns of the Institutional Class shares are not presented because Institutional Class shares have not yet completed a full calendar year of performance. If Class A and Class C shares of the Fund had been available during periods prior to March 16, 2012, the performance shown may have been different.<br/><br/>The bar chart depicts the change in performance from year to year during the periods indicated. The bar chart figures do not include any applicable sales charges that an investor may pay when they buy or sell Shares of the Fund. If sales charges were included, the returns would be lower. The table compares the Fund&#8217;s average annual returns for the periods indicated to a broad-based securities market index. The index is not actively managed and is not available for direct investment. The bar charts and performance tables assume reinvestment of dividends and distributions. The Fund&#8217;s past performance does not necessarily indicate how it will perform in the future. Updated performance information is available on the Fund&#8217;s website at www.emeraldmutualfunds.com or by calling 1-855-828-9909.<b>Calendar Year Annual Returns &#8211; Class A </b>18441677119214743300350825593126All investments carry some degree of risk that will affect the value of the Fund, its investment performance and the price of its shares. As a result, you may lose money if you invest in the Fund.<br/><br/>The shares offered by this Prospectus are not deposits or obligations of any bank, are not endorsed or guaranteed by any bank and are not insured or guaranteed by the U.S. government, the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency.<br/><br/>The Fund is subject to the following principal investment risks:<br/><br/><b>Stock Market Risk.</b> The Fund&#8217;s investments may decline due to movements in the overall stock market.<br/><br/><b>Stock Selection Risk.</b> The Fund&#8217;s investments may decline in value even when the overall stock market is not in a general decline.<br/><br/><b>Region Risk.</b> Social, political and economic conditions and changes in regulatory, tax or economic policy in a country or region could significantly affect the market in that country or region. In addition, global economies and financial markets are becoming increasingly interconnected, which increases the possibility that conditions in one country or region might adversely impact the issuers of securities in a different country or region. From time to time, a small number of companies and industries may represent a large portion of the market in a particular country or region, and these companies and industries can be sensitive to adverse social, political, economic or regulatory developments.<br/><br/><b>Foreign Securities Risk.</b> Foreign securities are generally more volatile and less liquid than U.S. securities. Further, foreign securities may be subject to additional risks not associated with investment in U.S. securities due to differences in the economic and political environment, the amount of available public information, the degree of market regulation, and financial reporting, accounting and auditing standards, and, in the case of foreign currency-denominated securities, fluctuations in currency exchange rates.<br/><br/><b>Emerging Markets Risk.</b> In addition to the risks of investing in foreign securities in general, the risks of investing in the securities of companies domiciled in emerging market countries include increased political or social instability, economies based on only a few industries, unstable currencies, runaway inflation, highly volatile securities markets, unpredictable shifts in policies relating to foreign investments, lack of protection for investors against parties who fail to complete transactions, and the potential for government seizure of assets or nationalization of companies.<br/><br/><b>Micro Cap and Small Company Stock Risk.</b> Micro cap and small company stocks may be very sensitive to changing economic conditions and market downturns.<br/><br/><b>Managed Portfolio Risk.</b> The Adviser&#8217;s investment strategies or choice of specific securities may be unsuccessful and may cause the Fund to incur losses.<br/><br/><b>Early Stage Companies Risk.</b> Early stage companies may never obtain necessary financing, may rely on untested business plans, may not be successful in developing markets for their products or services, and may remain an insignificant part of their industry, and as such may never be profitable. Stocks of early stage companies may be illiquid, privately traded, and more volatile and speculative than the securities of larger companies.<br/><br/><b>Initial Public Offerings (IPOs) Risk.</b> IPOs involve a higher degree of risk because companies involved in IPOs generally have limited operating histories and their prospects for future profitability are uncertain. Prices of IPOs may also be unstable due to the absence of a prior public market, the small number of shares available for trading and limited investor information.<br/><br/><b>Growth Stock Risk.</b> Growth stock prices may be more sensitive to changes in current or expected earnings than the prices of other stocks, and they may fall or not appreciate in step with the broader securities markets.<br/><br/><b>Value Investing Risk.</b> Value investing attempts to identify strong companies whose stocks are selling at a discount from their perceived true worth, and is subject to the risk that the stocks&#8217; intrinsic values may never be fully recognized or realized by the market, their prices may go down, or that stocks judged to be undervalued may actually be appropriately priced.<br/><br/><b>Non-Diversification Risk.</b> The Fund can invest a larger portion of its assets in the stocks of a limited number of companies than a diversified fund, which means it may have more exposure to the price movements of a single security or small group of securities than funds that diversify their investments among many companies.<br/><br/><b>Sector Weightings Risk.</b> Market conditions, interest rates and economic, regulatory or financial developments could significantly affect all the securities in a single sector. If the Fund invests in a few sectors, it may have increased relative exposure to the price movements of those sectors.<b>PERFORMANCE INFORMATION</b>-0.3095<table cellspacing="0" cellpadding="0" width="100%" border="0" style="border-COLLAPSE:COLLAPSE" align="center"><tr><td width="51%"></td><td valign="bottom" width="1%"></td><td width="48%"></td></tr><tr><td valign="top" align="center"> <div style="margin-left:1.00em; text-indent:-1.00em" align="center">Best Quarter</div></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom" align="center">Worst Quarter</td></tr><tr><td valign="top" align="center"> <div style="margin-left:1.00em; text-indent:-1.00em" align="center">June 30, 2009: 42.14%</div></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom" align="center">December 31, 2008: -30.95%</td></tr></table><br/>The Fund&#8217;s year-to-date return as of June 30, 2013 was 6.03%.<b>SUMMARY SECTION</b><br/><br/><b>GRANDEUR PEAK GLOBAL OPPORTUNITIES FUND (THE &#8220;FUND&#8221;)</b>0.29690.1460.09160.02210.44580.10580.2074The following information provides some indication of the risks of investing in the Fund by showing how the Fund&#8217;s performance has varied over time. The bar chart depicts the change in performance from year to year during the periods indicated. The bar chart figures do not include any applicable sales charges that an investor may pay when they buy or sell shares of the Fund. If sales charges were included, the returns would be lower. The table compares the Fund&#8217;s average annual returns for the periods indicated to broad-based securities market indices. The indices are not actively managed and are not available for direct investment. The bar charts and performance tables assume reinvestment of dividends and distributions. The Fund&#8217;s past performance does not necessarily indicate how it will perform in the future. Updated performance is available on the Fund&#8217;s website www.grandeurpeakglobal.com or by calling 855-377-PEAK(7325).0.02810.09940.0362-0.2092-0.4859-0.21410.4462-0.1129<b>Number of Years You</b><br/><b>Own Your Shares</b>0.21460.1667-0.0459-0.11090.20910.1208August 31, 2016You may qualify for certain sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund.500000<b>Annual Total Returns</b> (years ended 12/31)It is important to read all of the disclosure information provided and to understand that you may lose money by investing in the Fund.<b>Non-Diversification Risk.</b> Because the Fund is non-diversified and may invest a greater percentage of its assets in securities of a single issuer and in a relatively small number of issuers, it is more susceptible to risks associated with a single economic, political or regulatory occurrence than a more diversified portfolio. Some of those issuers may also present substantial credit or other risks.855.845.9444www.apsenfuturesfund<b>Average Annual Total Returns</b><br/>(for the period ended December 31, 2012)<b>Number of Years You Own Your Shares</b>The following is a description of the principal risks of the Fund&#8217;s portfolio, which may adversely affect its net asset value and total return. There are other circumstances (including additional risks that are not described here) which could prevent the Fund from achieving its investment objective. It is important to read all the disclosure information provided and to understand that you may lose money by investing in the Fund.<br/><br/><b>Risks of the Fund </b><ul type="square"><li> Fund-of-Funds Structure Risk &#8211; There are certain risks associated with the use of a fund-of funds structure. These risks include, but are not limited to:</li></ul><blockquote><ul type="square"><li>Expenses. Your cost of investing in the Fund may be higher than the cost of investing directly in the underlying funds. In addition, costs may be higher than mutual funds that invest directly in stocks and bonds.</li></ul><ul type="square"><li>Allocation Risk. The Fund may be prevented from fully allocating assets to an underlying fund due to regulatory limitations which may impact a fund-of-funds. The Fund is subject to the risk that the Adviser may allocate assets to an asset class that underperforms other asset classes or that the asset allocation selected by the Adviser may fail to perform as expected.</li></ul><ul type="square"><li>Underlying Fund Risk. All risks associated with an underlying fund are applicable to the Fund. In addition, the Adviser&#8217;s assumptions about an underlying fund may be incorrect in view of actual market conditions. An underlying fund may experience large purchases or redemptions that could affect the performance of the Fund.</li></ul><ul type="square"><li>Transparency Risk. The underlying funds are not managed by the Adviser, and the Adviser has access to information regarding the underlying fund&#8217;s investments to the extent the underlying fund&#8217;s adviser makes it available.</li></ul></blockquote><ul type="square"><li>Managed Portfolio Risk &#8211; The Adviser&#8217;s investment strategies or choice of specific securities may be unsuccessful and may cause the Fund to incur losses.</li></ul><ul type="square"><li>Market Risk &#8211; The Fund&#8217;s share price can move down in response to stock market conditions, changes in the economy or changes in a particular underlying fund&#8217;s share price. An underlying fund may decline in value even when the values of stocks or bonds in general are rising. The value of a security may decline due to general market conditions which are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. They may also decline due to factors which affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry. Overall financial market risks affect the value of the underlying funds and thus the share price of the Fund. Factors such as domestic, economic growth and market conditions, interest rate levels and political events affect the securities markets.</li></ul><ul type="square"><li>Exchange-Traded and Closed-End Fund Risk &#8211; The risks of investment in other investment companies typically reflect the risk of the types of securities in which the underlying funds invest. Investments in exchange-traded funds (&#8220;ETFs&#8221;) and closed-end funds are subject to the additional risk that shares of the underlying fund may trade at a premium or discount to their net asset value per share. When the Fund invests in another investment company, shareholders of the Fund bear their proportionate share of the other investment company&#8217;s fees and expenses as well as their share of the Fund&#8217;s fees and expenses. There may also not be an active trading market available for shares of some ETFs or closed-end funds.</li></ul><ul type="square"><li>Exchange-Traded Note Risk &#8211; The returns of exchange-traded notes (&#8220;ETNs&#8221;) are based on the performance of a specified market index minus applicable fees. The risks of ETNs include the risk of the reference index. The value of an ETN is also subject to the credit risk of the issuer. Thus, the value of an ETN may drop due to a decline in an issuer&#8217;s credit quality or a downgrade in the issuer&#8217;s credit rating, even if there is no change or an increase in the reference index. ETNs are subject to the additional risk that notes may trade at a premium or discount to their reference index. When the Fund invests in an ETN, shareholders of the Fund bear their proportionate share of the ETNs&#8217; fees and expenses as well as their share of the Fund&#8217;s fees and expenses. There may also not be an active trading market available for some ETNs.</li></ul><b>Risks Associated with Underlying Funds </b><ul type="square"><li>High Yield (Junk) Bond Risk &#8211; Lower-grade securities, such as high yield (junk) bonds, whether rate or unrated, may be subject to wider market fluctuation, greater credit risk and greater risk of loss of income and principal than investment-grade securities. The market for lower-grade securities may be less liquid and therefore they may be harder to sell at an acceptable price, especially during times of market volatility or decline.</li></ul><ul type="square"><li>Credit Risk &#8211; Credit risk (also called default risk) is the risk that the issuer of a security will not be able to make principal and interest payments on a debt issue. The credit ratings of issuers could change and negatively affect an underlying fund&#8217;s (and indirectly, the Fund&#8217;s) share price or yield. When underlying funds use derivatives instruments to seek credit exposure to underlying issuers, the underlying funds are subject to the credit risk of both the underlying issuer(s) and the counterparty (typically a broker or bank) to the instrument. When underlying funds invest in asset-backed securities, mortgage-backed securities and collateralized mortgage obligations, the underlying funds are subject to the credit risks of the underlying assets that collateralize the instrument.</li></ul><ul type="square"><li>Aggressive Investment Technique Risk &#8211; Investing in underlying funds that use investment techniques and financial instruments that may be considered aggressive, including the use of futures contracts, options on futures contracts, securities and indices, forward contracts, swap agreements and similar instruments, exposes an underlying fund to potentially dramatic changes (losses) in the value of certain of its portfolio holdings.</li></ul><ul type="square"><li>Commodity Risk &#8211; Investing in underlying funds that invest long or short in the commodities market and investing in commodities linked instruments, such as exchange-traded notes, may subject an underlying fund to greater volatility than investments in traditional securities. Commodities include energy, metals, agricultural products, livestock and minerals. Underlying funds may buy certain commodities (such as gold) or may invest in commodity linked derivative instruments. The value of commodities and commodity contracts are affected by a variety of factors, including global supply and demand, changes in interest rates, commodity index volatility, and factors affecting a particular industry or commodity.</li></ul><ul type="square"><li>Currency Risk &#8211; The value of the securities held by an underlying fund may be affected by changes in exchange rates or control regulations. If a local currency gains against the U.S. dollar, the value of the security increases in U.S. dollar terms. If a local currency declines against the U.S. dollar, the value of the security decreases in U.S. dollar terms.</li></ul><ul type="square"><li>Derivatives Risk &#8211; Risks associated with derivatives may include the risk that the derivative is not well correlated with the security, index or currency to which it relates, the risk that derivatives may not have the intended effects and may result in losses or missed opportunities, the risk that an underlying fund will be unable to sell the derivative because of an illiquid secondary market, the risk that a counterparty is unwilling or unable to meet its obligations, and the risk that the derivative transaction could expose the underlying fund to the effects of leverage, which could increase the underlying fund&#8217;s exposure to the market and magnify potential losses. There is no guarantee that derivatives, to the extent employed, will have the intended effect, and their use could cause lower returns or even losses to the underlying fund. The use of derivatives by an underlying fund to hedge risk may reduce the opportunity for gain by offsetting the positive effect of favorable price movements. The use of derivatives can magnify gains or losses.</li></ul><ul type="square"><li>Small- to Mid-Capitalization Companies Risk &#8211; An underlying fund&#8217;s investments in securities of companies with small- to mid-sized market capitalizations can present higher risks than do investments in securities of larger companies. Prices of such securities can be more volatile than the securities of larger capitalization firms and can be more thinly traded. This may result in such securities being less liquid.</li></ul><ul type="square"><li>Fixed-Income Risk &#8211; Investing in underlying funds that invest long or short in fixed-income securities subjects the Fund to additional risks that include credit risk, interest risk, maturity risk, investment-grade securities risk, municipal securities risk and prepayment risk. These risks could affect the value of a particular investment by the Fund, possibly causing the Fund&#8217;s share price and total return to be reduced and fluctuate more than other types of investments.</li></ul><ul type="square"><li>Interest Rate Risk &#8211; An underlying fund&#8217;s investments in fixed-income securities may decline in value because of changes in interest rates. As nominal interest rates rise, the value of fixed-income securities held by an underlying fund (and indirectly, by the Fund) are likely to decrease.</li></ul><ul type="square"><li>Foreign Securities Risk &#8211; Investing in underlying funds that invest long or short in foreign issuers involves risks not associated with U.S. investments, including settlement risks, currency fluctuation, foreign tax risks, different financial reporting practices and regulatory standards, high costs of trading, changes in political conditions, expropriation, investment and repatriation restrictions as well as settlement and custody risks.</li></ul><ul type="square"><li>Emerging Markets Risk &#8211; To the extent that an underlying fund invests in issuers located in emerging markets, the risk may be heightened by political changes and changes in taxation or currency controls that could adversely affect the values of these investments. Emerging markets have been more volatile than the markets of developed countries with more mature economies.</li></ul><ul type="square"><li>Liquidity Risk &#8211; When there is no willing buyer and investments cannot be readily sold at the desired time or price, an underlying fund may need to accept a lower price or may not be able to sell the security at all. An inability to sell securities can adversely affect the underlying fund&#8217;s value or prevent the fund from being able to take advantage of other investment opportunities. Recent instability in certain credit and fixed-income markets has adversely affected and is expected to continue to affect the liquidity of certain classes of securities, including, in particular, certain types of asset-backed, mortgage-backed and real estate-related securities.</li></ul><ul type="square"><li>Short Sales Risk &#8211; The underlying funds may sell securities short. Short sales involve the risk that an underlying fund will incur a loss by subsequently buying a security at a higher price than the price at which the fund previously sold the security short. Any loss will be increased by the amount of compensation, dividends or interest the fund must pay to the lender of the security. Because a loss incurred by an underlying fund on a short sale results from increases in the value of the security, losses on a short sale are theoretically unlimited. In addition, the underlying fund may not be able to close out a short position at a particular time or at an acceptable price.</li></ul><ul type="square"><li>Real Estate Securities and REITs Risk &#8211; The underlying funds may be subject to risks related to investment in real estate investment trusts or &#8220;REITs,&#8221; including fluctuations in the value of underlying properties, defaults by borrowers or tenants, lack of diversification, heavy cash flow dependency, self-liquidation, and potential failure to qualify for tax-free pass through of income and exemption from registration as an investment company.</li></ul><ul type="square"><li>Non-Diversified Risk &#8211; An underlying fund that is non-diversified may invest a larger percentage of its assets in a given security than a diversified fund. As a result, it may be more susceptible to a single adverse economic, political or regulatory occurrence affecting one or more issuers in which a large percentage of its assets is invested and may experience increased volatility due to its investments in those securities.</li></ul><ul type="square"><li>Underlying Fund Managed Portfolio Risk &#8211; The underlying fund adviser&#8217;s investment strategies or choice of specific securities may be unsuccessful and may cause the underlying fund to incur losses.</li></ul>0<div style="display:none">~ http://www.redmontfunds.com/role/ScheduleExpenseExampleNoRedemptionTransposedVulcanValuePartnersSmallCapFund column period compact * ~</div>
0<b>Performance Information </b><div style="display:none">~ http://www.redmontfunds.com/role/ScheduleAnnualTotalReturnsVulcanValuePartnersSmallCapFundBarChart column period compact * ~</div>
As of the date of this Prospectus, the Fund has not yet completed a full calendar year of investment operations, when the Fund has completed a full calendar year of investment operations, this section will include charts that show annual total returns, highest and lowest quarterly returns and average annual total returns (before and after taxes) compared to a benchmark selected for the Fund. Updated performance information is available on the Fund&#8217;s website at www.pathwayadvisorfunds. com or by calling (888) 288-1121.0.00750.00750.00250Best Quarter &#8211; March 31, 2012&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.08%<br/>Worst Quarter &#8211; June 30, 2012&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-3.90<br/><br/>The Fund&#8217;s Investor Class shares year-to-date return as of June 30, 2013 was 13.31%.0.0080.0073<table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"><tr><td valign="top">Best Quarter &#150; September&nbsp;30, 2008</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">22.64</td><td valign="bottom" nowrap="nowrap">%&nbsp;</td> <td valign="bottom"></td></tr> <tr> <td valign="top"> Worst Quarter &#150; March&nbsp;31, 2009</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">-19.75</td> <td valign="bottom" nowrap="nowrap">%&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom"></td></tr></table><br/>The Fund&#8217;s Class A share year-to-date return as of June 30, 2013 was 14.67%.year-to-date return2013-06-300.00740.0067<b>Average Annual Total Returns</b><br/>(for the period ended December 31, 2012)0.00010.00010.01810.0149The Fund seeks total return through a primary emphasis on incomewith a secondary emphasis on growth of capital.000.13040.01810.0149Best Quarter2009-06-300.475Worst Quarter2008-12-31-0.4885<div style="display:none">~ http://www.redmontfunds.com/role/ScheduleAnnualTotalReturnsStonebridgeSmall-CapGrowthFundBarChart column period compact * ~</div>
2011-10-172011-10-172011-10-172011-10-172011-10-172011-10-17The Russell 2000<sup>&#174;</sup> Value Index replaced the Russell 1000<sup>&#174;</sup> Value Index as the Fund&#8217;s primary benchmark index because it better reflects the Fund&#8217;s portfolio.<b>Principal Risks of the Fund </b>-0.62920.40760.2585-0.18240.2970.15140.15140.09840.16350.21430.19130.16350.21430.2110.16350.2143-0.0222-0.0224-0.01880.03560.0063-0.01910.03560.00630.03560.00630.03380.02860.02940.09720.0430.03240.09720.0430.09720.0430.0630.05740.05490.06770.03430.06460.05440.04320.06180.0980.0846<div style="display:none">~ http://www.redmontfunds.com/role/ScheduleShareholderFeesSeafarerOverseasGrowthandIncomeFund column period compact * ~</div><div style="display:none">~ http://www.redmontfunds.com/role/ScheduleAnnualFundOperatingExpensesSeafarerOverseasGrowthandIncomeFund column period compact * ~</div><div style="display:none">~ http://www.redmontfunds.com/role/ScheduleExpenseExampleTransposedSeafarerOverseasGrowthandIncomeFund column period compact * ~</div>August 31, 20147241521088471147681325571777<b>Number of Years You Own Your Shares</b>0.52-0.0439August 31, 2014SUMMARY SECTION<br/><br/>Seafarer Overseas Growth and Income Fund (the &#8220;Fund&#8221;)year-to-date return2013-06-300.0527Best QuarterInvestment Objective2012-09-30-0.0044Worst Quarter2012-03-31-0.0247The Fund seeks to provide long-term capital appreciation along with some current income.As a result, you may lose money if you invest in the Fund.The Fund seeks to mitigate adverse volatility in returns as a secondary objective.Fees and Expenses of the Fund-0.0963-0.0963-0.0626-0.0406-0.0293-0.049This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.-0.1137-0.1137-0.0963-0.074-0.047-0.107<b>Shareholder Fees</b><br/> (fees paid directly from your investment)<b>Non-Diversification Risk.</b> The Fund can invest a larger portion of its assets in the stocks of a limited number of companies than a diversified fund, which means it may have more exposure to the price movements of a single security or small group of securities than funds that diversify their investments among many companies.0000-0.02-0.02The following information provides some indication of the risks of investing in the Fund by showing how the Fund&#8217;s performance has varied over time.855-377-PEAK(7325)It is important to read all the disclosure information provided and to understand that you may lose money by investing in the Fund.www.grandeurpeakglobal.com<b>Annual Fund Operating Expenses </b><br/>(expenses that you pay each year as a percentage of the value of your investments)0.00850.0085000.01930.0183The shares offered by this Prospectus are not deposits or obligations of any bank, are not endorsed or guaranteed by any bank and are not insured or guaranteed by the U.S. government, the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency.0.01780.01780.00150.00050.00010.00010.02790.02691997-02-181997-02-181997-02-182000-07-012010-03-16-0.0139-0.01440.0140.01250.2715<ul type="square"><li>Non-Diversified Risk &#8211; An underlying fund that is non-diversified may invest a larger percentage of its assets in a given security than a diversified fund. As a result, it may be more susceptible to a single adverse economic, political or regulatory occurrence affecting one or more issuers in which a large percentage of its assets is invested and may experience increased volatility due to its investments in those securities.</li></ul>2011-08-022011-08-022011-08-022011-08-022011-08-022011-08-02After-tax returns are calculated using the historically highest individual U.S. federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your individual tax situation and may differ from those shown in the preceding table. The after-tax return information shown above does not apply to Fund shares held through a tax-deferred account, such as a 401(k) plan or an IRA.<br/><br/>After-tax returns are only shown for Investor Class shares of the Fund. After-tax returns for Institutional Class shares will vary from those shown for Investor Class shares due to varying sales charges and expenses among the classes.As of the date of this Prospectus, the Fund has not yet completed a full calendar year of investment operations, when the Fund has completed a full calendar year of investment operations, this section will include charts that show annual total returns, highest and lowest quarterly returns and average annual total returns (before and after taxes) compared to a benchmark selected for the Fund.After-tax returns are calculated using the historically highest individual U.S. federal marginal income tax rates and do not reflect the impact of state and local taxes.(888) 288-1121ExampleThis example is intended to help you compare the costs of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:Actual after-tax returns depend on your individual tax situation and may differ from those shown in the preceding table. The after-tax return information shown above does not apply to Fund shares held through a tax-deferred account, such as a 401(k) plan or an IRA.143127Best Quarter &#150;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;June 30, 2009&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.70%<br/> Worst Quarter &#150;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;September 30, 2011&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-19.32%<br/><br/>The Fund&#8217;s Class A share year-to-date return as of June 30, 2013 was 4.56%.<b>Number of Years You Own Your Shares</b>733698After-tax returns are only shown for Investor Class shares of the Fund. After-tax returns for Institutional Class shares will vary from those shown for Investor Class shares due to varying sales charges and expenses among the classes.1350129630132912The Fund&#8217;s past performance does not necessarily indicate how it will perform in the future.Portfolio TurnoverThe Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). For U.S. federal income tax purposes, a higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund&#8217;s performance. During the fiscal year ended April 30, 2013, the Fund&#8217;s portfolio turnover rate was 39% of the average value of its portfolio.Principal Investment Strategies of the Fundyear-to-date returnAugust 31, 20142013-06-300.1331Best Quarter2012-03-310.1608Worst Quarter2012-06-30-0.039Under normal market conditions, the Fund seeks to achieve its investment objective by investing at least 80% of its total assets in dividend-paying common stocks, preferred stocks, convertible securities and debt obligations of foreign companies, where &#8220;total assets&#8221; means net assets, plus the amount of any borrowings for investment purposes. <br /><br />The Fund may invest a significant amount of its net assets (50% to 80% under normal market conditions) in the securities of companies located in developing countries. The Fund&#8217;s investment adviser, Seafarer Capital Partners, LLC (&#8220;Seafarer&#8221; or the &#8220;Adviser&#8221;), considers that most Central and South American (&#8220;Latin American&#8221;), African, East and South Asian, and Eastern European nations are developing countries. Currently, these nations include, but are not limited to, Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Malaysia, Mexico, Peru, Philippines, Poland, Qatar, South Africa, South Korea, Sri Lanka, Taiwan, Thailand, Turkey, United Arab Emirates and Vietnam. <br /><br />Seafarer identifies developing countries based on its own analysis and measure of industrialization, economic growth, per capita income, and other factors; it may also consider classifications produced by the World Bank, the International Finance Corporation, the United Nations, and private financial services firms such as FTSE and MSCI. <br /><br />The Fund may also invest a significant amount of its net assets (20% to 50% under normal market conditions) in the securities of companies located in selected foreign developed nations, which in the Adviser&#8217;s opinion have significant economic and financial linkages to developing countries. Currently, these nations include Australia, Hong Kong, Ireland, Israel, Japan, New Zealand, Singapore, and the United Kingdom. <br /><br />The Adviser determines a company&#8217;s location based on a number of factors. A company is generally regarded by the Adviser as being located in a particular country if the company: (i) is organized under the laws of, maintains its principal place of business in, or has, as its principal trading market for the company&#8217;s securities, the particular country; (ii) derives 50% or more of its total revenue or profit from either goods or services produced or sales made in the particular country; or (iii) has more than 50% of its assets in the particular country. <br /><br />Exposure to non-U.S. companies through the Fund&#8217;s investments in depositary receipts or in exchange-traded funds (&#8220;ETFs&#8221;), including ETFs organized under U.S. law, will be included in the Fund&#8217;s percentage of total assets invested in non-U.S. securities. <br /><br />The Fund may typically invest in convertible securities and debt obligations of any quality or duration. Such debt obligations may include, but are not limited to, investments in below investment grade debt, also known as &#8220;junk bonds.&#8221; The Fund may generally invest in companies of any size or capitalization, including smaller companies. The Fund may allocate among equity and debt investments without limitation. <br /><br />The Fund seeks to offer investors a relatively stable means of participating in a portion of developing countries&#8217; growth prospects, while providing some downside protection, in comparison to a portfolio that invests only in the common stocks of developing countries. The strategy of owning convertible bonds and dividend-paying equities is intended to help the Fund meet its investment objective while reducing the volatility of the portfolio&#8217;s returns.Principal Risks of the Fund<b>EMERALD GROWTH FUND (THE &#8220;FUND&#8221;)</b>-0.02-0.02<b>INVESTMENT OBJECTIVE</b>The Fund seeks long-term growth through capital appreciation.0.53<b>FEES AND EXPENSES OF THE FUND</b>This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for certain sales charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in the Fund. More information about these and other discounts is available from your financial professional, in the section &#8220;BUYING, EXCHANGING AND REDEEMING SHARES&#8221; at page 18 of the prospectus and the section &#8220;PURCHASE, EXCHANGE &amp; REDEMPTION OF SHARES&#8221; at page 32 of the Fund&#8217;s statement of additional information.<b>Shareholder Fees</b> (fees paid directly from your investment)<b>Annual Fund Operating Expenses</b> (expenses that you pay each year as a percentage of the value of your investment)<b>Example</b>This example is intended to help you compare the costs of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:<b>Number of Years<br>You Own Your<br/>Shares</b>You would pay the following expenses if you did not redeem your Shares:A Contingent Deferred Sales Charge (&#8220;CDSC&#8221;) of 1.00% may apply to Class C shares redeemed within the first 12 months after a purchase.If you sell (redeem) your Class C shares within 12 months of purchase, you will have to pay a contingent deferred sales charge (&#8220;CDSC&#8221;) of 1.00% which is applied to the NAV of the shares on the date of original purchase or on the date of redemption, whichever is less. For example, if you purchased $10,000 worth of shares, which due to market fluctuation have appreciated to $15,000, the CDSC will be assessed on your $10,000 purchase. If that same $10,000 purchase has depreciated to $5,000, the CDSC will be assessed on the $5,000 value.<b>PORTFOLIO TURNOVER</b>The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). For U.S. federal income tax purposes, a higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund&#8217;s performance. During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 78% of the average value of its portfolio.<b>PRINCIPAL INVESTMENT STRATEGIES OF THE FUND</b>Under normal conditions, the Fund typically invests in equity securities, including common stocks, preferred stocks, and securities convertible into common or preferred stocks.<br/><br/>The Fund utilizes a fundamental approach to choosing securities: the research staff of Emerald Mutual Fund Advisers Trust (&#8220;Emerald&#8221; or the &#8220;Adviser&#8221;), conducts company-specific research analysis to identify companies whose earnings growth rate exceeds that of their peer group. Companies with perceived leadership positions and competitive advantages in niche markets that do not receive significant coverage from other institutional investors are favored.<br/><br/>The Fund can invest in companies from a wide range of industries and of various sizes. This includes smaller companies, which are defined by the Adviser as those having a market capitalization equal to or less than that of the largest companies in the Russell 2000 Index.<div style="display:none">~ http://www.redmontfunds.com/role/ScheduleExpenseExampleNoRedemptionTransposedALPSRedRocksListedPrivateEquityFund column period compact * ~</div>
<b>PRINCIPAL RISKS OF THE FUND</b>You may qualify for certain sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund.Any of the investments made by the Fund can result in an investment loss, which may be significant. The principal risks of investing in the Fund, which could adversely affect its net asset value and total return, are:<br/><br/><b>Equity Securities:</b> The risks associated with investing in equity securities of companies include the financial risk of selecting individual companies that do not perform as anticipated, the risk that the stock markets in which the Fund invests may experience periods of turbulence and instability, and the general risk that domestic and global economies may go through periods of decline and cyclical change.<br/><br/><b>Portfolio Turnover:</b> The Fund is generally expected to engage in frequent and active trading of portfolio securities to achieve its investment objective. A higher turnover rate (100% or more) will involve correspondingly greater transaction costs, which will be borne directly by the Fund, may have an adverse impact on performance, and may increase the potential for more taxable distributions being paid to shareholders, including short-term capital gains that are taxed at ordinary income rates. To the extent a Fund engages in short sales (which are not included in calculating the portfolio turnover rate), the transaction costs incurred by a Fund are likely to be greater than the transaction costs incurred by a mutual fund that does not take short positions and has a similar portfolio turnover rate.<br/><br/><b>Liquidity Risk:</b> Liquidity risk is financial risk due to uncertain liquidity. An institution might lose liquidity if its credit rating falls, it experiences sudden unexpected cash outflows, or some other event causes counterparties to avoid trading with or lending to the institution. A firm is also exposed to liquidity risk if markets on which it depends are subject to loss of liquidity. Derivative based securities and privately issued mortgage-related securities and other asset-backed securities, which do not have a government or government-sponsored guarantee, that are subject to substantial market and credit risk may have greater liquidity risk. Less liquid securities may trade infrequently, trade at a smaller volume, and be quite volatile. This means that they may be harder to purchase or sell at a fair price or quickly enough to prevent or minimize loss.<br/><br/><b>Real Estate Securities and REITs:</b> Real estate investment trusts or &#8220;REITs&#8221; are issuers that invest in interests in real estate, including mortgages. Investing in REITs may subject the Fund to risks similar to those associated with the direct ownership of real estate, including fluctuations in the value of underlying properties and defaults by borrowers or tenants. REITs may not be diversified and are subject to heavy cash flow dependency and self-liquidation. REITs are also subject to the possibilities of failing to qualify for tax-free pass through of income under the Code, and failing to maintain their exemptions from registration under the Investment Company Act of 1940, as amended (the &#8220;1940 Act&#8221;). REITs may have limited financial resources, trade less frequently and in a limited volume, and be subject to more abrupt or erratic price movements than more widely held securities.<br/><br/><b>Restricted and Illiquid Securities:</b> Certain securities generally trade in lower volume and may be less liquid than securities of large established companies. These less liquid securities could include securities of small- and mid-sized non-U.S. companies, high-yield securities, convertible securities, unrated debt and convertible securities, securities that originate from small offerings, and foreign securities, particularly those from companies in emerging markets. If a security is illiquid, the Fund may not be able to sell the security at a time and/or price at which the Adviser might wish to sell, which means that the Fund could lose money. In addition, the security could have the effect of decreasing the overall level of the Fund&#8217;s liquidity.<br/><br/><b>Securities Issued By Other Investment Companies:</b> The Fund may invest in shares of other investment companies, including, but not limited to, other mutual funds, money market funds, ETFs, HOLDRs, unit investment trusts, and closed-end funds, to gain exposure to a particular portion of the market rather than purchase securities directly. Investing in another investment company exposes the Fund to all the risks of that investment company, and, in general, subjects it to a pro rata portion of the other investment company&#8217;s fees and expenses.<br/><br/><b>Small and Medium Capitalization Stocks:</b> Investment in securities of smaller companies presents greater investment risks than investing in the securities of larger companies. These risks include greater price volatility, greater sensitivity to changing economic conditions, and less liquidity than the securities of larger, more mature companies.<br/><br/><b>Managed Portfolio Risk:</b> The Adviser&#8217;s investment strategies or choice of specific securities may be unsuccessful and may cause the Fund to incur losses.<br/><br/>Please see &#8220;What are the Principal and Non-Principal Risks of Investing in Each Fund?&#8221; for a more detailed description of the risks of investing in the Fund. It is possible to lose money on an investment in the Fund. Investments in the Fund are not deposits or obligations of any bank, are not endorsed or guaranteed by any bank and are not insured or guaranteed by the U.S. government, the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency.<b>PERFORMANCE INFORMATION</b>50000It is possible to lose money on an investment in the Fund.Investments in the Fund are not deposits or obligations of any bank, are not endorsed or guaranteed by any bank and are not insured or guaranteed by the U.S. government, the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency.The following information provides some indication of the risks of investing in the Fund by showing how the Fund&#8217;s performance has varied over time.The bar chart figures do not include any applicable sales charges that an investor may pay when they buy or sell shares of the Fund. If sales charges were included, the returns would be lower.The following information provides some indication of the risks of investing in the Fund by showing how the Fund&#8217;s performance has varied over time. The performance shown for Class A, Class C and Institutional Class shares for periods prior to March 16, 2012 reflects the performance of the Forward Growth Fund&#8217;s Class A, Class C and Institutional Class shares as a result of a prior reorganization of the Forward Growth Fund&#8217;s Class A, Class C and Institutional Class shares into the Fund&#8217;s Class A, Class C and Institutional Class shares, without the effect of any fee and expense limitations or waivers. If Class A, Class C and Institutional shares of the Fund had been available during periods prior to March 16, 2012, the performance shown may have been different.<br/><br/>The bar chart depicts the change in performance from year to year during the periods indicated. The bar chart figures do not include any applicable sales charges that an investor may pay when they buy or sell Shares of the Fund. If sales charges were included, the returns would be lower. The table compares the Fund&#8217;s average annual returns for the periods indicated to a broad-based securities market index. The index is not actively managed and is not available for direct investment. The bar charts and performance tables assume reinvestment of dividends and distributions. The Fund&#8217;s past performance does not necessarily indicate how it will perform in the future. Updated performance information is available on the Fund&#8217;s website at www.emeraldmutualfunds.com or by calling 1-855-828-9909.<div style="display:none">~ http://www.redmontfunds.com/role/ScheduleAnnualTotalReturnsAspenManagedFuturesStrategyFundBarChart column period compact * ~</div>
<b>Calendar Year Annual Returns &#8211; Class A</b><table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"><tr><td valign="top">Best Quarter &#8212; June&nbsp;30, 2003</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">23.46</td><td valign="bottom" nowrap="nowrap">%&nbsp;</td> <td valign="bottom"></td></tr> <tr> <td valign="top"> Worst Quarter &#8212; December&nbsp;31, 2008</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">-25.77</td> <td valign="bottom" nowrap="nowrap">%&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom"></td></tr></table><br/>The Fund&#8217;s Class A share year-to-date return as of June&nbsp;30, 2013 was 20.51%.<b>Average Annual Total Returns</b><br/>(for the period ended December 31, 2012)1-855-828-9909www.emeraldmutualfunds.comThe Fund&#8217;s past performance does not necessarily indicate how it will perform in the future.0.047500000The following is a description of the principal risks of the Fund&#8217;s portfolio, which may adversely affect its net asset value and total return. There are other circumstances that could prevent the Fund from achieving its investment objective. These include additional risks that are not described here, but which are described in the Statement of Additional Information. It is important to read all the disclosure information provided and to understand that you may lose money by investing in the Fund. <br /><br />Political, Social and Economic Risks<ul type="square"><li>The value of the Fund&#8217;s assets may be adversely affected by political, economic, social and religious instability; inadequate investor protection; changes in laws or regulations of countries within emerging markets (including countries in which the Fund invests, as well as broader regions); international relations with other nations; natural disasters; corruption and military activity.</li></ul><ul type="square"><li>The Asian region, and particularly China, Japan and South Korea, may be adversely affected by political, military, economic and other factors related to North Korea. In addition, China&#8217;s long-running conflict over Taiwan, border disputes with many of its neighbors and historically strained relations with Japan could adversely impact economies in the region. The economies of many Asian countries differ from the economies of more developed countries in many respects, such as rate of growth, inflation, capital reinvestment, resource self-sufficiency, financial system stability, the national balance of payments position and sensitivity to changes in global trade. Certain Asian countries are highly dependent upon and may be affected by developments in the United States, Europe and other Asian economies.</li></ul><ul type="square"><li>Emerging markets in Eastern Europe, Latin America, the Middle East and Africa may be similarly negatively affected by political, military, religious and economic factors. Political upheaval and associated events may occur more frequently in the emerging market regions. United States military actions in much of the Middle East cannot be predicted.</li></ul><ul type="square"><li>Turmoil in developed nations may also impact contiguous emerging markets. Western Europe&#8217;s fiscal position and related concerns may impact the emerging economies of Eastern Europe. Similarly, hunger and disease in Africa and the rise of religious radical groups can adversely impact the growth of emerging economies on the continent of Africa.</li></ul><ul type="square"><li>The Fund cannot predict the effects of geopolitical events in the future on the United States and global economy and securities markets.</li></ul>Regulatory and Legal Risks<ul type="square"><li>Foreign companies not publicly traded in the United States are not subject to accounting and financial reporting standards and requirements comparable to those U.S. companies must meet.</li></ul>In addition, there may be less information publicly available about such companies. Some foreign companies may be located in countries with less developed legal and regulatory structures governing private or foreign investment or allowing for judicial redress for injury to private property.<br /><br />Currency Risks<ul type="square"><li>When the Fund conducts securities transactions in a foreign currency, there is the risk of the value of the foreign currency increasing or decreasing against the value of the U.S. dollar. The value of an investment denominated in a foreign currency will decline in dollar terms if that currency weakens against the dollar. Additionally, emerging market countries may utilize formal or informal currency-exchange controls or &#8220;capital controls.&#8221; Capital controls may impose restrictions on the Fund&#8217;s ability to repatriate investments or income, or may impose fees for doing so. Such controls may also affect the value of the Fund&#8217;s holdings. Certain of the Fund&#8217;s foreign currency transactions may give rise to ordinary income or loss to the extent such income or loss results from fluctuations in the value of the foreign currency. Funds that may invest in securities denominated in, or which receive revenues in, non-U.S. currencies are subject to this risk.</li></ul>Risks Associated with Emerging Markets<ul type="square"><li>Emerging markets are often less stable politically and economically than developed markets such as the United States, and investing in emerging markets involves different and greater risks. There may be less publicly available information about companies in emerging markets. The stock exchanges and brokerage industries of emerging markets do not have the level of government oversight as do those in the United States. Securities markets of such countries are substantially smaller, less liquid and more volatile than securities markets in the United States. Emerging markets may be especially prone to currency-related risks.</li></ul>In addition, investments in emerging markets may be subject to related volatility risk. The smaller size and lower levels of liquidity in emerging markets, as well as other factors, may result in changes in the prices of emerging market securities that are more volatile than those of companies in more developed regions. This volatility can cause the price of the Fund&#8217;s shares (net asset value, or &#8220;NAV&#8221;) to go up or down dramatically. Because of this volatility, it is recommended that you invest in the Fund only for the long term (at least five years). <br /><br />Trading Markets and Depositary Receipts<ul type="square"><li>Emerging market securities may trade in the form of depositary receipts, including American Depositary Receipts, European Depositary Receipts and Global Depositary Receipts. Although depositary receipts have risks similar to the securities that they represent, they may also involve higher expenses and may trade at a discount (or premium) to the underlying security. Depository receipts may not enjoy the same degree of liquidity as the underlying securities that they represent. In addition, depositary receipts may not pass through voting and other shareholder rights, and may be less liquid than the underlying securities listed on an exchange.</li></ul>Common and Preferred Stock Risks<ul type="square"><li>Stock markets are volatile. The price of common and preferred stocks fluctuate based on changes in a company&#8217;s financial condition and overall market and economic conditions. The Fund may invest in the common stocks of companies that have historically paid dividends; however, there is no certainty that such companies that have historically paid dividends will continue to do so in the future. Dividend-paying common stocks, in particular those whose market price is closely related to their yield, may exhibit greater sensitivity to interest rate changes. The Fund&#8217;s investment in such securities may also limit its potential for appreciation during a broad market advance.</li></ul><ul type="square"><li>The Fund may invest in preferred stocks. Preferred stock has a preference over common stock in liquidation (and generally dividends as well) but is subordinated to the liabilities of the issuer in all respects. As a general rule, the market value of preferred stock with a fixed dividend rate and no conversion element varies inversely with interest rates and perceived credit risk, while the market price of convertible preferred stock generally also reflects some element of conversion value. Because preferred stock is junior to debt securities and other obligations of the issuer, deterioration in the credit quality of the issuer will cause greater changes in the value of a preferred stock than in a more senior debt security with similar stated yield characteristics. Unlike interest payments on debt securities, preferred stock dividends are payable only if declared by the issuer&#8217;s board of directors. Preferred stock also may be subject to optional or mandatory redemption provisions.</li></ul><ul type="square"><li>The prices of common and preferred stocks, even those that pay regular dividends, can be highly volatile. Investors should not assume that the Fund&#8217;s investments in such securities will necessarily reduce the volatility of the Fund&#8217;s NAV or provide &#8220;protection,&#8221; compared to other types of securities, when markets perform poorly.</li></ul>Smaller Company Risk<ul type="square"><li>Investments in the securities of smaller companies may be considered speculative. Investments in smaller companies may involve additional risks because of limited product lines, limited access to markets and financial resources, and greater vulnerability to competition and changes in markets. Smaller companies may be more dependent on one or a few key persons and may lack depth of management.</li></ul><ul type="square"><li>Securities of smaller companies may trade less frequently and in lesser volume than more widely held securities. The securities of such companies generally are subject to more-abrupt or erratic price movements than more widely held or larger, more established companies or the market indices in general. Larger portions of stock may be held by a small number of investors (including founders and management) than is typical of larger companies.</li></ul><ul type="square"><li>The Fund may have more difficulty obtaining information about smaller companies, making it more difficult to evaluate the impact of market, economic, regulatory and other factors on them. Informational difficulties may also make valuing or disposing of their securities more difficult than it would for larger companies.</li></ul>Convertible Securities<ul type="square"><li>The Fund may invest in convertible preferred stocks, and convertible bonds and debentures. The risks of convertible bonds and debentures include repayment risk and interest rate risk. Many emerging market convertible securities are not rated by rating agencies like Standard &amp; Poor&#8217;s Corporation Ratings Group, a division of The McGraw-Hill Companies, Inc. (&#8220;S&amp;P&#8221;), Moody&#8217;s Investors Service, Inc. (&#8220;Moody&#8217;s&#8221;) or Fitch Ratings, Inc. (&#8220;Fitch&#8221;), or, if they are rated, they may be rated below investment grade (&#8220;junk bonds&#8221;), which may have a greater risk of default. Investing in a convertible security denominated in a currency different from that of the security into which it is convertible may expose the Fund to currency risk as well as risks associated with the level and volatility of the foreign exchange rate between the security&#8217;s currency and the underlying stock&#8217;s currency. Convertible securities may trade less frequently and in lower volumes, or have periods of less frequent trading. Lower trading volume may also make it more difficult for the Fund to value such securities.</li></ul>Credit Risk<ul type="square"><li>If debt obligations held by the Fund are downgraded by ratings agencies or go into default, or if management action, legislation or other government action reduces the ability of issuers to pay principal and interest when due, the value of those debt obligations may decline and the Fund&#8217;s share value and any dividends paid by the Fund may be reduced. Because the ability of an issuer of a lower-rated or unrated debt obligation to pay principal and interest when due is typically less certain than for an issuer of a higher rated debt obligation, lower-rated and unrated debt obligations are generally more vulnerable than higher rated debt obligations to default, ratings downgrades, and liquidity risk.</li></ul>Managed Portfolio Risk<ul type="square"><li>The portfolio manager&#8217;s investment strategies or choice of specific securities may be unsuccessful and may cause the Fund to incur losses.</li></ul>Performance Information0.0050.01As of the date of this Prospectus, the Fund has not yet completed a full calendar year of investment operations. When the Fund has completed a full calendar year of investment operations, this section will include charts that show annual total returns, highest and lowest quarterly returns and average annual total returns (before and after taxes) compared to a benchmark selected for the Fund. Updated performance information is available on the Fund&#8217;s website at <b>seafarerfunds.com</b> or by calling 1-855-732-9220.Best Quarter &#150;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;June 30, 2009&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.82%<br/> Worst Quarter &#150;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;March 31, 2008&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-21.03%<br/><br/>The Fund&#8217;s Class A Share year-to-date return as of June 30, 2013 was 0.05%.August 31, 2014Other Fund Expenses have been restated to reflect current expenses.0.00750.00750.00750.00750.39It is important to read all the disclosure information provided and to understand that you may lose money by investing in the Fund.0.00350.00750.00250.00280.00530.00330.0043As of the date of this Prospectus, the Fund has not yet completed a full calendar year of investment operations. When the Fund has completed a full calendar year of investment operations, this section will include charts that show annual total returns, highest and lowest quarterly returns and average annual total returns (before and after taxes) compared to a benchmark selected for the Fund.1-855-732-92200.00280.00280.00280.002800.00250.00050.00150.01380.02030.01080.0143<b>seafarerfunds.com</b>0.01290.01940.00990.0134year-to-date return2013-06-300.1467Best Quarter2008-09-300.890.2264Worst Quarter2009-03-31-0.1975After-tax returns are calculated by using the highest historical individual U.S. federal marginal income tax rates (i.e., maximum rates) and do not include state or local taxes.-0.0009-0.0009-0.0009-0.0009Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown. 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The following information provides some indication of the risks of investing in the Fund by showing how the Fund&#8217;s performance has varied over time.<b>Number of Years You Own Your Shares</b>600197101136883628334443118610845877732044234813081703SUMMARY SECTION<br/><br/>ALPS | KOTAK INDIA GROWTH FUND (THE &#8220;FUND&#8221;)0.31INVESTMENT OBJECTIVEThe Fund seeks to achieve long-term capital appreciation.FEES AND EXPENSESThis table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for certain sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund. More information about these and other discounts is available from your financial professional and in &#8220;BUYING, EXCHANGING AND REDEEMING SHARES&#8221; at page 81 of the Prospectus and &#8220;PURCHASE, EXCHANGE &amp; REDEMPTION OF SHARES&#8221; at page 81 of the Fund&#8217;s Statement of Additional Information.-0.27810.5081<b>Shareholder Fees </b>(fees paid directly from your investment)0.04140.0862www.pathwayadvisorfunds. com2011-10-170.12562011-08-12<b>Annual Fund Operating Expenses</b> (expenses that you pay each year as a percentage of the value of your investment)0.01972009-12-302009-12-302009-12-30<b>Example</b>0.3304This example is intended to help you compare the costs of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:-0.36910.2766-0.01470.1740.0550.010.1180.09830.10310.14590.03380.030.0290.03490.08740.08090.07680.098<b>Number of Years<br/>You Own Your<br/>Shares</b><b>EXAMPLE</b>0.09870.08710.08440.069You would pay the following expenses if you did not redeem your shares:This example helps you compare the costs of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same. Any agreement by the Adviser to waive fees is only included for the one-year period in the expense example. Although your actual costs may be higher or lower, based on these assumptions your cost would be:PORTFOLIO TURNOVERThe Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund&#8217;s performance. During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 93% of the average value of its portfolio.PRINCIPAL INVESTMENT STRATEGIES OF THE FUND0.055000.010.010-0.02-0.02-0.020.27150.26440.17820.27830.18260.17190.21540.20980.1810.22080.14610.14831992-10-011992-10-010.14590.17820.14590.17430.14590.03730.03490.03490.03490.08620.0980.0980.0980.02750.01710.1460.149-0.0024-0.00210.01250.01250.01252000-07-012000-07-012008-10-212008-10-212011-05-022011-05-020.00250.007500.06510.06610.06360.0015